I'm asking because I hear all the time that trying to invest in NYC, the game is different and they always speak about investing out of state, a couple of hour drive away.

depending on your marital status you can get 250k for single and 500k for married .. its the I have done it 5 times in the last 25 years.. its a game changer let me tell you 

After you've been at this for a while, you develop a deep disdain for people who need to spend premiums for bigger and better houses for their personal living situation before they have build an unassailable financial position -- those people are marks in the real estate game, not players.Real estate can be a hell of a passive wealth maintenance strategy.

First post here, and noob in the game of real estate investing. 

Check with a lawyer in your state, laws may vary enough to require a different strategy.

My wife and I took his class back in 2011 and it was a game changer.

In winter I can make sure the propane costs are kept in check by varying the temps based on out side temps.I love technology!

While I'm sure this will vary from appraiser to appraiser, I've noticed in my markets that appraisers seem to be more willing to use older comps before they'll extend the radius of their search.I've been in your position before (numerous times) and here's the approach we took (sometimes it worked and sometimes it didn't - just depended on that specific appraiser):If you had multiple offers on the property, make sure the appraiser is made aware. 

It varies in every market.

This can vary greatly depending on the type of commercial real estate (industrial is vastly different from a hotel, for example).