Welcome aboard @Steven WadeGetting a PM is paramount if you are investing out of state.

That is why it is paramount to screen well, establish good communication and rapport at the start. have a strong rental agreement, inspect often to verify compliance with the rental agreement and to address maintenance needs, follow through in a timely manner with enforcement of the rental agreement, get a sufficient security deposit at the start of tenancy, and collect for damages as they occur or as you discover them.

If that is is the path you want to pursue, the small multi may be the way to go - if you can find well cash-flowing property in your neck of the woods as I would highly advise that you stay local if buying small multi.If  passivity is paramount to you, then taking part in a larger acquisition such as a syndicated purchase of apartment community or strip-mall may be the better option. 

FPS is extremely expensive and can turn a great investment into a costly liability.Understanding proper zoning and land-use prior to purchasing a multi-family property is paramount to a successful investment.  

Calculating Risk - one of the PARAMOUNT things to understand with owning real estate is that you will ALWAYS be paying for something.  

Other than having your funding lined up and a mentor on board, buying great deals is paramount.

Purchasing a STR in the Tahoe area in the early 2000s... location was always paramount, however, some of the STR market also has to do with the culture and trends of the time. 

I agree with @Nathan Meeker, building your team is paramount to your next steps.

The states duty of protection is paramount to any rights agreed to by the individual  via a rental contract.

Of course disclosure to the seller is of paramount importance here up front.