Emotions shouldn’t be involved. 

Perhaps if you really want to get involved with real estate you might want to consider looking into a REIT rather than physical properties so you can be hands off. 

The percentage may differ based on the individuals and their needs but again the diversity needs to be there.I'll always be a RE guy first because that's what I know best but if you can tax free money from a cash out refinance, place it into an F.I.A. ( Fixed Indexed Annuity ) an literally be guaranteed not to ever lose money unless you withdraw it during the surrender period.

You should NEVER involve the seller in ANYTHING after the sale, other than seller financing. 

However, if I worked with someone experienced like @Guillaume D. who hypothetically is very involved locally and was finding deals and had the know-how to flip a profit then theoretically would it even matter if it was Montreal or any other place? 

If multifamily is what you want to do I would stay involved and get educated on that.

I'm looking into potentially getting involved in Philadelphia real estate as I try to diversify my investing into different markets.

In fact, if you truly believe the tenant is involved with drugs evicting them should be one of your first priorities. 

Even though Jersey is a small state it's very diverse.

There is a diversity of industry, and we continue to see a lot of coastal clients coming in that believe Denver is a relatively cheap place with amazing quality of life.