It used to be that calling long distance was a problem because of the cost.

You mentioned "buy-and-hold", but what's not clear is if you're looking to find distressed properties to renovate from a distance, or something more "turn key" or rent-ready?

.- I know NY very well, but the amount of capital needed there, and the distance, seems daunting.- I tend to be a conservative investor in general, so buying real estate in other cities that I really don't know seems a bit risky to me.

Lots of small apartment buildings 3, 4, 6 unit buildings near the town center or commuter train if outside a larger city.You want to smoke out the owners of these rentals?

Commuter town.

When you are a long-distance landlord, the tenants will eat you alive.Joe Gore

Depending on your risk tolerance, it's possible to manage properties long-distance.

I *try* split my time (since I have a day job) as follows: a) commute - I listen to podcasts and then since I get to work 30 minutes early, I document in my OneNote all the good ideas that I know I will need some day, b) lunch - do my best to read and respond to BP forums, c) night - this is when I review and document markets and properties to help me learn them and recognize deals and spend time on BP.

My ultimate goal is to acquire passive income streams off of rentals in a stable market, but my real issue is the distance from any market that I know or would be comfortable investing in.

Pennsylvania is a big state, my area is a NY commuter market and is quickly becoming a buy and hold area, while I am a flipper.