Sellers rarely mind the low deposit and extended closing period due to the nature of the property, or at least they can be made aware of the fact that their lot has issues that will take MY time and MY money to solve and then they come around.My terms on the flip are: Minimum 10K spread between purchase and flip value.  1-2K deposit upfront to hold the property for 7 days then the deposit becomes non-refundable after the 7th day and the buyer has the same amount of time that I originally negotiated with seller typically 8-12 months(its a purchase contract but because of contingencies its essentially an option).  

To your point, I still definitely believe investing out of state is a viable option.

Don't have an attorney call me for some options.

A lease-option agreement can postpone the sale, allowing the seller to receive rental income initially.

That process has direct lender involvement.Where the challenge lies, is when unsophisticated "investors" with no experience, no money and no reserves use creative financing (often called wrap, subto, lease option, seller financing, land contract) to purchase properties and along the way there is a "hiccup".

with that being said - see what the options are. and the more you can inconvenience yourself the more likely it is to work. 

Northern NJ has options as well, but MTR works better in a lot of areas because there is demand.

Options are great to have.

There are some options at lower deductibles but trust me you will pay for it!

After 4-5-6 years then maybe roll them up into a small mulitfamily.Another option if you have the credit and some capital is to buy a 4 unit as owner/occupied and live in one and rent the other 3.