Recommendations include moving the patio away from the house and adding a retaining wall.Other considerations:I already have a team in place locally to manage the property and handle repairsI visit the area biannuallyThere’s another couple interested in the property and supposedly making an offer.I haven’t secured preapproval for a loan yetMy credit union only services Oregon/Washington, so I can’t use them for a loanI’m unsure about the process of buying an investment property from out of state, as a first time home buyer, especially since I don’t plan to live in the property myselfWhat I’d like to know:Does this seem like a solid investment opportunity?

Keeping your payments artificially low seems great until you need the coverage and there is non because you made a material mis-representation in the contract.

If the list is available, the investors may be able to use it to direct marketing materials to them. 

$120 is that including material or its labor cost only?  

Learning how to estimate rehabs based on labor + materials is massive.

But I would not waste the money on that unless you need to retain them for an eviction.  

This comes with the expectation that I'll handle most of the minor things the property needs, but I don't have to pay for materials or tools to fix things.

The uniform grey looks pretty good when installed correctly and it is a very tough material.

They retain your membership interest in the LLC. 

There are 3 safe harbors available to you-De Minimis Safe Harbor ElectionSafe Harbor Election for Small Taxpayers (sounds a bit condescending)Safe Harbor for Routine MaintenanceCheck these out...Frankly given the amount, and what you are doing (low materiality to the plumbing system unit of property), I would expense it.