Recognising that it’s relative to the actual property and cash flow, thoughts on if it’s generally better to purchase rental properties out of state vs in-state, especially if in a HCOL area?

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If buying a rental more than 50 miles from your house, consider how you are going to maintain it, and if using a third party, what the costs will be and whether you can trust them.

We talking residential or commercial?

Residential, you’ll have to buy a handful of them for OoS to become highly profitable. Having a few with a management company won’t leave you much with a profit margin. Commercial, 5+ units per building / investment, a management company is the way to go in my opinion. Worth the money.

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