I also agree with Joe in minimizing dead equity.

@Jack Cottrellyou said you "need properties that I can get at a good deal that cash flow and appreciate while minimizing the trouble commonly associated with real estate"well... yeah, everyone wants those properties. 

Here in Florida there are some opportunities to purchase a brand new home, cash flow, and minimize your capital expenditures for quite a while.

Think of it this way, at some point, a minimal amount of wear & tear to the unit requires paint to be touched-up.

Some are led by seasoned investors with a wealth of knowledge, while others may be run by people with minimal experience.

While it may reduce your immediate returns, a good PM will help minimize risk and maximize long-term profitability.Good luck!

Insurance companies want to fix it the cheapest way possible, and their goal is to minimize out-of-pocket expenses like this one.  

Also, I'm stuck with out-of-state investing which brings a whole series of risks with minimized financial upside (in my opinion) 

For my personal residence - yes, i would love to own it free and clear as it's not an investment but rather liability which I want to minimize as much as possible.  

You minimize your risk of violating Fair Housing Law or compliance issues using an experienced property manager.3.