All your data sources contain bad info.

We never bought outside our current market because I didn’t like buying what I didn’t know and heard too many stories of long distance problems with bad property managers.

Bad feelings on the other hand are a automatic rejection.

@Connor Burke on paper those numbers look pretty good (assuming you're focusing on good cash flow), but have you considered things like the quality of the neighborhood.

I bought my first investment with 5% down on an owner occupied three unit, that amount+ closing costs pinched me for a little while to save while still paying rent but it wasn't too bad. 

Partnering up with someone who could take a conventional loan is not a bad idea.

So it seems like it really comes down to weighing those trade-offs based on your business plans and goals.Was there anything else you learned after starting to invest in KCMO that surprised you or that you found interesting (whether in a good or bad way)?

That's BS and bad thinking.

Next figure how bad the cash flow picture is. 

It's just a bad entity structuring. 3) On top of that,  you cant hire your son to work for your rental to save some tax as soon as you have MMLLC (out of scope for this post) Also, it does not accomplish anything as to transfer of the property to your son.