Buy in more recession proof corridors of the United States less dependent on one or two major industries, or with a large government base, or with a retirement or tourist community.Disadvantages of Buying Out-of-State-Multiple tax filings, deadlines and other local taxes due.

@Brooklyn Ron great questions, the fundamental basics are your knowledge in real estate and ability to use that to attract the right partners and capital for the deals.

This was a cold call (off market) deal and we have taken a mom and pop hotel and added value in many ways, increased occupancy and ADR (average daily rate), integrated with OTAs (online travel agencies) and increased marketing efforts to emphasize the strengths of the property as a destination for tourists visiting our region.

I should easily attract good tenants.

The City of Mesa partnered with the Arizona Commerce Authority, Greater Phoenix Economic Council, the Landing PMG developer Marwest, CBRE, and Bliss Realty to attract CAVU to Mesa.

Apartments and renting soon become an attractive alternative.

As an OOS investor, i would encourage to hold your designer self and attraction to historical districts out of the investment analysis if you are looking for self sustaining long term cash flow MF investment strategy. 

. :) This attention to Huntsville will more than likely attract other large companies to invest in my home town. 

@Michael Greenberg, Sonoma has become so known for being a travel/tourist destination, they started limiting the option to have an air BNB due to multiple complaints from the local homeowners and residents about the amounts of traffic and other areas that had been severely impacted by all the visitors.

Many times the stated cap rate is far from the actual cap rate because the listing broker leaves out major items like vacancy, PM & repairs just to attract more eyes to their listings.