Time management and building a solid team are key elements to success. 

Plenty of people do invest out of the area, but I think that adds an extra element of risk into the equation.

The human element of underwriting is a massive part of it working or going bust.  

If you guys paid cash for the property & want to avoid borrowing funds, but need money to pay the contractor & start producing income, then you could possibly do a lease option (aka rent to own) allowing the tenant/ buyer to choose design elements or have input on the design (so that they feel they're getting some kind of customization & added value), this would be of course AFTER collecting an NROC fee, (Non-Refundable Option Consideration - not a down payment but gives them the right to purchase at a future date - usually 3-5 yrs) typically anywhere between 5%- 10% of the market value of the property.

Environmental Protection Agency estimates that toilets consume 27 percent of indoor water usage.Property managers and landlords sink 25 to 35 percent of their operating costs into utilities, while water costs, in particular, are up an estimated 200 percent in the past 15 years.Meanwhile, small, barely noticeable leaks may add $900 to yearly water statements, with larger leaks totaling, in some cases, $4,000.

While the argument is based solely on the potential environmental advantages, utility costs will be dramatically higher at the current electricity vs. natural gas rates in Ontario (at least in London). 

Most of the property meets you find in industry press or online from searches do have some element of sales pitch.

It is also probably the single biggest element in making for a long term success for an out of state investor.  

Of course outside they are exposed to the elements.

You need to turn off the elements so they don't burn when you drain the water.