Chances of running a property management company remotely?

[Jeffrey Boudreau]

In the past year and a half I have bought a duplex and fourplex in a city 4 hours away from me because the market is more affordable and the rents are decent. I have plans to continue purchasing for years to come in this market. I have a couple friends who live in the city who also own rental properties, and I've been slowly building up a great team of reliable contacts in different trades. I've also become more familiar with local and provincial rental laws.

In the future I see myself moving to this full time and quitting my full time job. I am not sure if I care to move to the city, but that hasn't been a problem thus far. I have been able to do just about everything remotely and usually drive down once every month or two just to see progress on a few projects, or go for a day trip to get away.

I've had this nugget of an idea. Where it makes sense to own businesses that surround and bring up the rental properties. Like owning a property management company.

So my question is...am I being naive in thinking that it would work to run a business like this remotely? Of course I would hire someone local to take care of leg work errands. What have your experiences been like whether you have owned a property management company, or have used your own?

Is there any changes you would have made or done differently? Anything I have missed?

I plan on sitting with this idea into the new year and am in no rush to dive in. Just considering the different angles.

Thanks kindly!