Don't look know but the Oracle of Omaha is on the move..with a near $1B Bet on housing. 

Like some folks have said, plenty of lenders operate nationally, so you can live in one state and invest in another with no problem.But, like @Andrew Syrios said, your best bet may be to work with local lenders—that is, lenders that are local to the area you want to invest in.

Quote from @Ernesto Galindo-Doucette: Real estate investors usually fall into one of two camps: Appreciation-focused – playing the long game, betting on property values to rise over time.

@Andrew Bosco I bet your a great scientist!

This makes LTR a safer bet for steady occupancy and income.

If the new income is just enough to make the mortgage payment and not make up ground with the repayment plan which I bet is a 12 month repayment plan, I would probably lean on a longer term private loan to make up the rears.NEXT I would encourage them to find 2nd job and sell stuff to work out of this hole.  

It was also a simple, concrete block structure — easy to maintain — and felt like a safe bet for consistent rental demand.

If you want stability and fewer headaches, Metairie is usually a safer bet, but the trade-off is thinner returns unless you can add value.If you’d like, I can share some local contacts for insurance, property management, or lending who understand the unique challenges of this market.Hope that helps give you a realistic picture before you dive in.

In addition, take a look at the renters themselves - you can't squeeze blood out of a turnip, so if they are essentially judgment proof, then getting the property back in your name and moving on with your life will be your best bet. 

No sure bets right now.I say go where the deal takes you.