Context. Most exoplanet imagers consist of ground-based adaptive optics coronagraphic cameras which are currently limited in contrast, sensitivity and astrometric precision, but advantageously observe in the near-infrared window (1-5 μm). Because of these practical limitations, our current observational aim at detecting and characterizing planets puts heavy constraints on target selection, observing strategies, data reduction, and follow-up. Most surveys so far have thus targeted young systems (1-100 Myr) to catch the putative remnant thermal radiation of giant planets, which peaks in the near-infrared. They also favor systems in the solar neighborhood (d < 80 pc), which eases angular resolution requirements but also ensures a good knowledge of the distance and proper motion, which are critical to secure the planet status, and enable subsequent characterization. Aims. Because of their youth, it is very tempting to target the nearby star forming regions, which are typically twice as far as the bulk of objects usually combed for planets by direct imaging. Probing these interesting reservoirs sets additional constraints that we review in this paper by presenting the planet search that we initiated in 2008 around the disk-bearing T Tauri star IM Lup, which is part of the Lupus star forming region (140-190 pc). Methods. We show and discuss why age determination, the choice of evolutionary model for both the central star and the planet, precise knowledge of the host star proper motion, relative or absolute (between different instruments) astrometric accuracy (including plate scale calibration), and patience are the key ingredients for exoplanet searches around more distant young stars. Results. Unfortunately, most of the time, precision and perseverance are not paying off: we discovered a candidate companion around IM Lup in 2008, which we report here to be an unbound background object. We nevertheless review in details the lessons learned from our endeavor, and additionally present the best detection limits ever calculated for IM Lup. We also accessorily report on the successful use of innovative data reduction techniques, such as the damped-LOCI and iterative roll subtraction.