Titanium aluminides are a promising class of lightweight alloys for the application in aviation and the automotive sector, since they combine low density and high stiffness with favorable high temperature properties. However, conventional processing and machining remain a challenge due to the inherent brittleness of the intermetallic material. Additive manufacturing technologies can open up a suitable alternative processing route for the fabrication of complex near net shape titanium aluminide components. In this study, the TNM-B1 (Ti-43.5Al-4Nb-1Mo-0.1B) alloy was processed by means of laser metal deposition (LMD) using a specially designed nozzle for local inert gas shielding to limit contamination with oxygen. The process was coupled with inductive heating to ensure process temperatures above the brittle-ductile transition temperature (BDTT) and thus reduce the susceptibility for cracking. Infrared thermography and camera-based melt pool monitoring were applied for tailoring of the thermal process conditions. The effect of varying preheating temperatures, process parameters and scan strategies on the resulting material properties was thoroughly investigated. Non-destructive testing via computed tomography (CT) was used to detect defects introduced during processing. Scanning electron microscopy was applied for microstructural characterization. The resulting mechanical properties were investigated by means of hardness measurements and tensile testing. The identified correlations are discussed in detail in this contribution. Overall, the results demonstrate the potential of combining laser metal deposition and high-temperature preheating for the processing of titanium aluminides.