Being nearby allows you to monitor the property, understand the local market, and handle issues more easily.

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project. 

As a part of the partnership with the state of Virginia, which included $750 million of Virginia taxpayer money for infrastructure improvements to support the Amazon HQ2, Virginia is offering Amazon $550 million in grants for hitting that hiring goals, and an additional $200 million for hiring 12,850 more employees from 2030-2034.

I think the 2 biggest hurdles are finding the right team to do the work, given you won't be there to monitor it 1st hand.

You can get something like noiseaware or minut to monitor that if it is an issue.   

Be prepared to spend a lot of money creating the infrastructure.  

We still need to monitor PH and it uses salt cartridges that the tub converts into chlorine.

Starting with the Right PropertyGiven that this is your first STR and you’re planning to manage remotely, I’d suggest focusing on a market with a strong local infrastructure for short-term rentals—like Panama City Beach or Destin.

This includes monitoring the transaction, conveyancing, compensating my transaction coordinator, and dealing with both sides paperwork and timelines - not including negotiations. 

Areas with expanding industries, infrastructure projects, and business-friendly policies tend to offer the best long-term ROI.Curious to hear—have you or your investors had particular success in any specific markets with this strategy?