I also want to hear from those of you who have transitioned out of a full time job by doing out of state investments/creative finance - how long did it take you to transition out?

Definitely something to clarify upfront...If you’re replacing with another restaurant, it should be an easier transition since the setup is already in place.Your biggest risk is vacancy $450K/year is solid, but if you ever need a new tenant,  ensuring the lease rate is sustainable is key! 

I am just out side of Elkhorn, WI and selling our property the is 5 blocks from the lake. If sold for the amount I want I will have 30k to 40k at the end. Love to keep relator out of it, but may need realtor to find a...

Quote from @Tony Schmucker: Quote from @Wale Lawal: @Tony SchmuckerFrom my experience of working with over 400 investors, your strategy to relocate, house hack, and transition properties to management is a strong, methodical approach.

How much net profit in general should I look for on a long term buy and hold rental property like this?

My favorite thing though I have transitioned to is outdoor bathtubs instead of hot tubs.

I agree with many of @Alan Asriants' points, especially when considering OOS Sec. 8 investing.A lower price point or smaller investment doesn't always mean low risk.House-hacking locally could be a better transition depending on your goals and situation.

Since hard money eats into profits, consider private lenders, local banks, or partnerships for lower-cost funding.

When I was flipping, I took my profits and bought rental homes.

Keep a close eye on the actual cost of rehabs and make sure your remodel stays in line with comps in the area to ensure profitability.