My favourite example of long distance buying and why you should know the local market BEFORE you buy:
Norman Sturner - principal of Murray Hill Properties out of New York - back in the 90's was offered a very good price to purchase a hotel on the grounds of the Denver Airport. He hired architects, engineers and consultants. He spent 3 days doing his due diligence. The hotel had 95% occupancy 12 months a year and was in fantastic shape. He was at the hotel bar with his partner toasting their great deal while they waited for their plane home to begin acquisition negotiations. The bartender approached them and asked if they were the folks from New York City who were buying the hotel. Norman said yes. The bartender asked, what do you plan on doing with the hotel when the Denver airport is moved to Stapleton next year? The hotel was going to be sitting on an empty airport site in less than 1 year. Norman left the bartender a generous tip and got on the plane without pursuing the acquisition.