In my experience, investing out of state in a single family or small multifamily is fraught with risk:1) You won't be an expert in the area (unless you've lived there)2) You have serious tenant risk (1 bad tenant can ruin years of returns)3) Good quality, small asset property managers are tough to come by

I am beginning to pursue wholesaling as a start to my REI career.

I can only imagine how bad it can be with 10-15 flips a year.

Now, if you start looking at multi's and comment that they are in bad areas, then you don't know Las Vegas very well.

I have had a lot of people tell me to stay away from conversions as they have bad vacancy rates, do not rent as well as traditional duplexes and are a lot more work than traditional duplexes/triplexes ect.... 

Under the table can get bad. 

Every landlord should make it a policy to not only evict bad tenants but also follow through with small claims. 

The good:  new electrical panel, new roof, new windows.The bad: everything else. 

We started looking this year outside of the Raleigh area as the price to rent ratios were so bad.

Mind sharing good and/or bad experiences (or lessons)