I'm curious about number 4-could you expand on the idea there?

Would be great to connect and bounce some ideas.

Since then I have been able to also use family offices and hedge funds to get deals funded.

Another idea to consider is the FHA 203K renovation mortgage, this is another excellent tool to use because of flexibility and other worthwhile features you might consider researching.

I was hoping to hear some ideas on what everyone is doing, other than working a W2 and eating ramen.

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

@Joe Villeneuve @Theresa Harris, thanks a lot for taking the time and provide some info/ideas/suggestionsTo give you some color for these properties, there is a 15 years-plan that my wife and I are planning to have arround 5 to 7 properties in the same $$$ range (-+ $200K) that we can rent them around $1600-$1800I believe after 10 yrs, I am expecting to a better cash flow considering some loans will be paid in full, but maybe the next properties will have as you suggest 30 year-loan. 

Check their nightly rate, occupancy and amenities.That will give you a pretty good idea of need and profitability.

But besides that just looking for other ideas?

Its also a good idea to keep any receipts (I use a google drive folder, they have a scan function that makes uploading receipts a breeze)