How is this investment strategy?

[Doug Sah]

I am looking at getting into multi unit investing. Have no prior real estate experience but have pretty extensive business experience, managing cash flow, people etc. 

I currently have a portfolio of businesses that are providing more than enough steady cash-flow for my personal expenses and investment activity. Therefore any positive cashflow that I am able to generate through real-estate deals will be leveraged to acquire more property and build a portfolio. I'm relatively young (38) so im looking for a long term strategy and not interested in speculative deals. 

     -I live in DC but looking to invest in OH, TN, FL, NC, or TN

     -I have about $500k of my own cash to invest (Another $200k per year from my business interests)

1. -My business interests are somewhat passive so I have time to dedicate and invest into real estate 
2. -Looking for 12+ unit buildings
3. -light value add opportunity but no major rehab for first 2-3 years of investing
4. -Will be looking to put down 25%-30% in cash/ commercial loan for the rest
5. -Increase cashflow with each acquisition to pull out most of down payment within 36 months 
6. -Acquire more real estate and repeat

I'm currently spending time educating myself and looking over deals on loopnet and getting in touch with real estate agents in the markets mentioned above for networking purposes but i'm unsure how quickly I would be willing and able to go after a deal should the numbers make sense. 

1. Is it wise for a novice real estate investor to look at markets over 6 hours away? 

2. How much of a factor is my inexperience in real estate when lenders analyze my risk 

3. What are the biggest pitfalls and lessons to learn for beginners? 

4. Does my overall strategy make sense?

Any help or criticism is greatly appreciated :)