Most people with long distance rentals do not make as much money as they would have on stocks.Also, generally if you’re buying and selling a home within 6-12 months, you need to be really on the ball with contractors AND find a GREAT deal otherwise you will lose all your profits in closing costs and rehab. (3-8% to buy, 5-10% to sell).

Read the book "Long Distance Real Estate Investing" by @David Greene.

We found a 5 units about 6 hours of driving distance and the COC looks very good and we offered at asking price without seeing the property.

@Anton Watt I would usually try to know them through online but I think maybe you can try out on David Greene's Long-Distance Real Estate Investing.

If you try managing from a distance you are asking for trouble, particularly as a beginning investor.

Chris:Charlottetown is an interesting market - it has a set of constraints which create those higher rents ... but along with the bigger rent cheque comes higher acquisition costs.    

That was the original plan on this deal, but I think I was too trusting and forgiving.On our next deal I plan to start with more distance.  

They're not even close, and when that "distance between them" is not understood, many deals are lost...that could have been. 

The most risky part of you investing in distance is the lack of knowledge, you can build a system around it if you know the how and what.

I would look somewhere a further distance away and market to people that fit this mold...