While I believe that Al B has given you a fine answer, I really have to caution you that his advice will not likely work unless you are investing in 100 units or more. Smaller properties simply will not allow you to have the layers of investment management or the visiting schedules that are suggested by him.
It might be well for you to consider investing in a REIT, a quality TIC company, or find a partner in the state where you want to invest that also has substantial "skin in the game" that will find the properties, manage the problems and generally watch out for your best interests while watching out for his or her own best interests. That way you will have more assurance that your out-of-state investment will be well serviced.
There are many out-of-state people that have literally lost their entire investments because of trusting the wrong brokers, property mangers and asset managers.
Good luck Tim.....
Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: email@example.com
Dec 14, 2010