Chicago Multifamily out of state, general suggestions

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I have been looking for sometime to buy multifamily/apartments 20-100 range. Live in Texas but market to hot for cash flow. Can’t rely on appreciation alone and buy at 5 caps. Out of desperation even looking at Chicago; the cash flow seems tempting in the 9-10 range. Obviously areas like Gresham, guess very high crime and can’t even walk to see property you own. Is it unrealistic to think that you will have Mgmt run the apartments and you just take the cash flow; and have nothing to do with it? what are owner liabilities truly? Can you run it remote? Have it completely inspected evaluated and run by third party management? It seems foolish to do something like this but where else can I get cash Flow; I understand appreciation is probably good no to be limited to none. May be use the cash to buy in tough markets? Is there anyway to safely remotely run the law Apt’s?

@Sanjoy V.   its not foolish to invest out of state, totally doable if you have a good team and good PM on the ground.

This is the key, to have a good team on the ground. 

The way to go about that is to research the market, Visit the market, and form relationships in your target market. I made good friends in Arkansas and JAX Fl although i don't live in these markets. 

I agree that at 5% or for me even 6% cap the cash flow is not so attractive in raising interest rate environment. This is provided of course that there is no major upside to rents etc. 

It is Unrealistic and wrong to say that " you will have Mgmt run the apartments and you just take the cash flow; and have nothing to do with it?"

Real Estate is passive but Not passive so you can to do nothing, your roll as owner is to be Asset Manager, over see the property managers on the ground and make sure they are doing their Job. 

Buy @David Greene book here on BP:

That would be a good starting point for you!

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