They're spending tax-payer money, so they'll cut a check without batting an eye.Document condition before and after with photos, inspect regularly, and you should be fine.

Most my clients tend to be out of state, high income individuals that are looking for a great return and not looking to spend 200 hrs on the project themselves.  

Recognize that going out of state will come with a lot of learning and education; there's a cost for that of your time and if its better served educating out of state or spending it on the property.

you are competing against other investors spending thousands or tens of thousands of dollars on marketing every month. 

If I had ten thousand liquid cash to spend, I'd probably do a house hack two-family and obtain an FHA loan with only 3.5% down. 

I'd suggest choosing an area that looks like it has potential and then spend your spare time just driving around.

Condo's are ill advised for investments because you possess far less control.

The foundation is so bad the house has shifted and I’m going to be spending nearly 40-50k to get this remediated.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

@Jeremy Bloom  the rag on the thermostat can be beat by placing a remote thermostat that is set to the legally required temperature with that remote thermostat actually controlling the temperature.