Managing a property hours away can be challenging if any issues arise, but having a third-party property management company could help handle those situations and make things more manageable.I think you are in the right place to gain some insight on what would make you successful. 

I don't anticipate any issues, but you never know.

Investors obviously want their properties rented with no issues but they also want to be in the know and have a good line of communication when things come up.

Is there any state statute dealing with this issue?

Numerous times I have been able to think through an issues that arose on a construction site and saved the Owner by proposing an alternate route to resolve it. 

And using the process buy a new property or properties that you also intend to hold for investment use.The issue for you might be that you purchased this property with the primary intent of selling. 

There is no issue doing it in your personal name. 

I can only think of 2 times inn the last decade my client has had to go though an eviction and both times it started cause the owner and tenant had personal issues. 

You will probably run into some issues and need to budget for that.You budgeted 5k for unforeseen expenses on a 4000sft home.

@Tiffani HollisFor a long-term rental, I’d avoid used dishwashers entirely—repair costs and reliability issues often outweigh the savings.