We have a verbal commitment on an off-market property in Ohio and need a purchase agreement drafted.  

Also looking to see more seasoned investors thoughts on these deals and markets and figure out my next steps.

The single digit percentage optimization is not worth balancing on razors edge all the time.

I’m not as familiar with the market here and if it’s too big of a risk.

I understand there are many other criteria to analyze a property and market, and I will use all available statistics. 

Does anyone have any experience in this very pricey market of NJ/NY/NYC?

Here are some key considerations and potential pitfalls to keep in mind as you plan this approach:Market Research and Property Selection:Local Market Conditions: Ensure that the Tahoe area's real estate market is stable or appreciating.

There will be a lot of proven people here who demonstrate that you can totally self manage an out of state property.It really will depend on you, the market, the property, and a few other factors some of which may be out of your control.I would not look at PM strictly as a cost, there are a lot of good local PM's who can add value to your property. 

@Shannon L Fogarty the tried and true technique here is to ask other investors in your market who they are using.  

It is an off market deal, and is fully renovated in 2020.