If you ever decide you want a more passive approach, there are turnkey companies out there that handle everything for you.

A more realistic expectation is 24 hours which will ensure we can arrange any repairs or corrections with a team, handle it in person, etc. be curious how this plays out as I worked for local developer for a while and developed several properties in Alexandria (Specifically old town) and while the city is challenging like any city - they were mostly realistic.

@William Bohan, Yeah, being a CA resident you'll have to do a 1031 exchange or your tax will approach 40%. 

The challenge is that in US, for that kind of premium property, you have to shell out north of $3M.

The numbers may be 30-40% lower than today's cost, but the process/approach to estimating may be good for you to review.

Once you find someone willing to let you shadow them, approach it with professionalism and a willingness to learn.

Let me know how it goes or if you want to brainstorm more on how to approach the seller.

Quote from @Jonathan Bombaci: @Scott Trench Challenge accepted!

Send me a Direct Message so we can determine if we are a good fit to work together and help you flip more properties in the Houston, Texas Area.I have a straight to the point and no BS approach so you will find some values when you reach out.Thank you 

The original post leaves the door open for a challenge by the IRS, so the safe harbor of holding it for investment for two full years is the safer option.