Guys like @Derrick Craig can get very marginal areas to perform but in the main for out of state investors finding the best PM you can is arguably the most important piece of the puzzle.  

If all else fails you pretty much have to go find the pieces of the puzzle yourself: track down utility consumption figures from each provider, confirm property tax amounts with the municipality, and try and estimate what you expect you'll need for R&M and CapEx - this can be tough if you don't have a lot of experience but it's still a necessary exercise even if the seller does have solid financials to share.

So far I've been screwing around looking for pieces of the puzzle that do not exist and the clock is ticking.

That's a five year long process.Just because they didn't pay, doesn't mean the lien got extinguished. on RARE ocasions, some lenders were reconveying title on junior liens that they charged off but most of those were compelled to do so under settlement agreements with the 50 state attorneys generals with a national settlement from a class action against the big five (Chase, City, Wells, BofA and I think GMAC).I think i'm missing a couple pieces of the puzzle.

I wasn't sure if I should announce all that on this public post, but I know it's a big piece of the puzzle that puts me in a good position.  

And that's just a small piece of the puzzle of course......I'm guessing this is in a pretty decent area since you'd be putting some massive funds into this for renovation?

All three of the pieces of the puzzle are important.  

After asking him if he was a landlord he was really puzzled.

Or do any # of creative deals that can help out the people that have the house now Get them a little more money if they hold the house under contract wall you find a rehab person that wants to move on it and you take your cut for putting the puzzle together I have heard there are new laws in some states on that type of deal..

The last piece of this puzzle is to finally buy property and rent it out!