I can fly direct from LA on Spirit at a very reasonable rate.

Very low cap-rates (<5%)and NOI, High GRM, nothing gets close to the 1% rule (maybe .5%) and some are running at a cash negative yet they seem to be flying off the market.

After you narrow down on 2-3 markets, connect with people in those markets and fly out there to immerse yourself in the area.I highly recommend reading David Lindahl's book called Emerging Real Estate Markets. 

This helps me run the numbers on the fly and gives me the key figures I need to make a decision on whether to analyze further or not.Hope this helps!

A working roof is a working roof - if the roof is still functional and you don't think it will split open in a storm or fly away in a hurricane (when all bets are off regardless), just repair and build capital expenses.

I suggest flying over to meet the people you're entrusting with your investment before cutting any checks, as looking someone in the eye (and seeing some of their handiwork) is still one of the best ways to suss out the scammers.Most of our clients are from OOS or even out of country, so we know from experience that it is a doable, viable strategy.

God forbid a car crashed into your property or it catches on fire, but do you have the ability to fly out there for a week and meet contractors, insurance agents, etc. if that happens?

My grandma lives with me (and my younger brother) in Gainesville, FL. I

The strategy would work  better if it were your primary residence, but it becomes more difficult if you're trying to convert a SFH to a true two-tenant duplex.1) You'd must likely be violating zoning (Unless area was zoned MF), so you'd have to hope the conversion flies under the radar.2) Utilities is the biggest hurdle, as a SFH only has one water, electric, and gas meter.

I'm curious how you think this would fly in light of @Thomas S. stating the widely-held understanding that "landlords cannot charge for their own time."