If you are a newbie, I'd try to avoid big rehab projects, particularly long-distance ones. Consider starting with something simpler like a turn-key rental. Once you start to learn more, increase the degree of difficulty.
If you really want to jump into the deeper waters, spend some time building a team. Travel to the market, meet people, and build a strong group of vendors.
If you are green with a thorny project and no team you are going to get killed. We'd rather that not happen!
If you are a newbie, I'd try to avoid big rehab projects, particularly long-distance ones. Consider starting with something simpler like a turn-key rental. Once you start to learn more, increase the degree of difficulty.
If you really want to jump into the deeper waters, spend some time building a team. Travel to the market, meet people, and build a strong group of vendors.
If you are green with a thorny project and no team you are going to get killed. We'd rather that not happen!
Would suggest reading "long distance real estate investing" by David Greene. Im still a rookie but thought the book was extremely useful in discussing what are the keys to success in out of state investing.
@Daniel Mendez A large mistake a see folks get themselves into is not performing proper due diligence on a property prior to close. I have seen to the extent of non-proration of rent and transfer of tenant's deposit at closing. I would suggest aligning yourself with an investor friendly broker to avoid some of these simple issues. Often times that broker may not be a "top producer on zillow." Look to create long term relationships in your target market and you will realize success. Good luck!
@Greg Scott gave sage advice. We did the Out-of-state complete remodel on a condo purchase. It is a buy and hold short-term vacation rental for us. We had our realtor get us inside 4 times after our offer was accepted (Out-of-state owner and the condo was unoccupied) so we could meet and interview contractors and measure and show them what we were thinking of doing so when we went to closing we had complete written estimates from the ones we chose and knew all our costs going in. We really lucked out there, I feel, with the sellers and the empty unit. Absolutely had to be there ourselves throughout the ENTIRE sales and reno process, and we manage it ourselves (Including cleaning). Lots of travelling there and back every weekend for 7 months or so (3 hours one way) but absolutely worth it, and our next one will be there and all the same contractors and vendors will be involved.