3) Buy a few out of state properties directly through an agent and work with a property manager to manage them? 

Step 3- hire property manager to manage/look for rentersStep 4- look to refiance out of the hard money loan(how long after having a renter in can we refiance?)

Managers will quit or worse.

SwissPMG can assist you in your property search, underwrite, acquisition, rehab and property management here in Columbus, OH.

This will save you time and effort, as you won’t have to travel long distances to manage different properties or handle tenant issues.For your first investment, I suggest starting with 2-4 unit properties.

I am considering a purchase of a Quad unit in Ocala from Southern Impression Homes with management by SunCoast Property Management.

Why hasn't your property manager already answered this question?

I would like to speak with local investors, real estate agents, property managers, lenders, etc. from the area.

It also includes managing your existing investment well to ensure you aren't bleeding money due to bad tenants, excess maintenance, etc. 

Even if you break even, you will lose money every month it sits vacant, when you need repairs, property management, etc.