I ultimately realized there was very little housing inventory in the neighborhood geared towards families that wanted to rent and I essentially created a new market with $3,000 rentals which has been successful and I am now looking to replicate.

Essentially, it's Deal Certainty. 2.

He told me the contract wasn’t signed and that it was first come first serve essentially.

For example buy 300k property, renovate it (pay yourself essentially)  turn into 400k+ plus home, increase rents and cash flow.   

I just wouldn’t spend a lot of extra money providing what for me has been essentially a break even process.

HMLs enable quick acquisition leverage which is essential in competitive markets, and offer flexible qualification criteria, focusing on the property's potential. 

It is challenging but we committed to going there every 4-6 weeks and having a great team on the ground ( will cost you some extra money) but they are the difference in having issueswe have one of the best cleaners in the area and our guy that cleans the grills does all my light maintenance and guest interaction if I need it(pets, too many guests etc.)3-4 hours would be a dream and you can definitely do it but you have to commit to going there every 4-5/6 weeks In my opinion because there will be things you need to address or upkeep- this is obviously only if you decide to self manage. 

Have you considered how living in one unit and renting out the others can essentially let you live for free?

As others have mentioned (besides the essentials like rates, mortgage, and maintenance), it's important to consider utilities, insurance, property management fees, taxes, furnishing, marketing, and legal requirements.

Having a team in place is essential to long-distance investing.https://www.biggerpockets.com/blog/core-four-real-estate-team