I had to go that far away due to the insane cost of real estate in Boston, so I fully understand the predicament.

Maybe you can find other hosts to split the cost.

WE are seeing this in the Portland market.Montgomery Park the largest office complex in the state that sold about 7 years ago for 250 mil just got bought ( after no one bid it at foreclosure) for 25 mil by Menashe family. its over 1 million sq ft.. dont think you can lose on something like that. reminds me of the buys in 2010 in some markets were sfr's were selling for 1/4 of replacement costs..

Keeps costs low and guests satisfied!

Then there is the time element with holding costs.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

We got started, but they hired an appraiser and charged me $750, while typically appraisal costs around $500.

The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment. 

How much will this unit cost to renovate?  

He owns an asset that is worth (low-end) $300k that generates 2300/month (after all costs).