Purchasing rentals out of state-- pros/cons

[Ashley E.]

Hello and good morning everyone! I was wondering if you pros have any tips or experiences to share about purchasing property out of state for rentals.  What are the pros/cons... Stories (good, bad, and ugly)... And would you recommend it if the market around your demographic is not yielding as much progress as you had anticipated?

Also---if you purchase a rental property in another state, could those of you who have investments elsewhere explain the tax implications (very generally, of course)?

Thank you!