Where are you buying from? How many units are you going to acquire?
There is no best place to invest and long distance investing isn't for everyone.
I'm focusing specifically on listings in a particular state (Colorado), and looking to acquire 1, maybe 2 units, or a duplex/triplex. Where are the best places to look for properties and pricing history? What about finding info on foreclosures?
Thanks.
You want to look for cities/towns with economic diversity, job growth and population growth. Then places were the median income/3 >= rent and that rent will cover all your expenses including vacancy, repairs, capex, management, PITIA and your profit goals. You can do this kind of preliminary research on realtor.com, zillow, trulia, deptofnumbers.com, rentometer and census data.
Foreclosure processes will vary county by county- some are online auction, some are courthouse steps. Foreclosures are not for the new investor. You need to be able to purchase in cash without knowing if all the copper has been stripped out, if the former owners poured concrete down all the sewer lines, if there is extensive water damage with mold, if the foundation is a mess, if squatters are living inside requiring a full length eviction process, if a contractor filed a six figure lien on the morning of the auction, etc.