Is it a good idea to buy a busines in a another city?

i live in lexington ky and i was interested in buying a business in new york. im a student in col ledge and just wanted some extra money. since rates are low i figure getting a loan wont be to hard. i can go to new york to see how its doing but i rather have managers do the work for me so i can see how things are doing. is it a good idea to run a business while i live in another state or is it bad. reasons why on both please.