We call them Snow Birds and it's definitely doable. 

@Adam Craig to "yes and" what @Jason DiClemente said, with your deal volume which can establish a pattern of track record under certain conditions/approaches, lessons learned, strong relationships that give you an edge with sourcing or value-add...making a case should be very doable for you to private money investors. 

I see numbers like tjat and 1.5 to 1.7 as pretty arbitrary but it is necessary to be able to compare one against another.  1.5 to 1.7 is aggresssive but do-able and a property below that in a C neighborhood needs a solid reason to consider it.Couple of things about this particular house change the math a bit. 

Don't expect too high returns though, value add will be hard out of state, but def doable if you can go and stay there for a bit.

In the downturn, it'll be doable again here more consistently.

Just be sure to work closely with them until you are certain they can perform the task(s) reliably and to a certain level before you set them free.All that said, it is doable, but I have to agree with @Mitch Messer. "...find yourself a good PM who aspires to be great and then shower your best ideas on them!"

@Matthew Shaw The tax records will likely have the owners mailing address, if it's doable, you should just go and knock on the door.

Expect a wait, but they have free coffee while you wait and then you can peruse books at Tattered Cover across from Snooze or just wander the great hall of Union Station.Not sure of the exact day you're coming. 

They are doing well with them - and self managing is doable and definitely helps with the numbers. 

This is a bay area centric post, fyi, since that is what I know.VA and FHA are still doable in a hot market like the bay area if you are otherwise coming in strong.However....