In the end I agree with you that there are benefits of investing locally and managing a team may be slightly easier, but personally, I believe the benefits of out of state investing far exceed the risks unless your local market happens to align with your goals - LONG AS YOU DO YOUR HOMEWORK.

I have found that if there is a large value add component you might be able to get away with paying a lower cap than what is normal for the specific market due to the large amount you can increase the value. 

Here's a list of the action items for you:1) Search through prior BP posts2) Connect with others that invest passively to get their feedback.3) Speak with every deal sponsor that you potentially decide to invest with to ensure your interests are aligned.

Although I haven't acquired my first property I would like to get aligned with a property manager so that I can leverage their knowledge while searching for my property.

The information you provided is fantastic since it's aligned with where I want to start.

“The August MLS numbers align with what we’re seeing in the new home space," said Vaike O'Grady, Austin regional director for Metrostudy.

Although I haven't acquired my first property I would like to get aligned with a contractor to facilitate the process once I find a good deal: - What are some questions I should be asking contractors to determine if I should work with them on my first project? 

I want to follow up and try to figure out the material versus labor components because it's more than I was expecting."

Then you get to see first hand which you personally prefer and which aligns with the kind of investments you want to be making in the future. 

You want the people who are insured, who pull permits, who have workers' comp on their staff, etc. etc.