Conversely, I grew up near the Washington DC area and am somewhat equally familiar with that area as well although I have not lived there for quite some time but visit frequently.I am caught between having my first deal be in my own back yard in SoCal or investing out of state back in the DC area (or anywhere else for that matter). 

Should I look in town or does it matter if they're out of state?

The last thing I want to do is make a move on a property that's in a market that barely sees any appreciation AND only generates small rents-no matter how brand new everything inside the house maybe.I'm new to Atlanta.

Then, to make matters worse, you then decide that you want your money back (REFI), but in order to get it back, you have to buy it from the bank (interest).Why?

Ralph - I don't think it matters too much when you open the account.

No matter what route you go the only way to get more of your time back is to hire the work out. 

Just sayin and its only my thought process  if it works for that seller thats all that matters right. 

No matter what you decide, any time you invest always have a plan b.

As others have said, location matters.

Think it is a matter of staying on top of things, responding and getting documents in as fast as possible so they stay on your case.