maybe you and your husband can trade off making trips there to build a network in person? 

But I wouldn’t trade the experience for anything in the world.

That’s half the cost of Prime’s reduced rate.2nd, like everyone is saying, the cost of setting up and LLC is less than $100… closer to $50… if you just do it yourself through the state (not complicated).3rd, if you want someone to help you draft your operating agreement, hire a local real estate attorney and it will be significantly cheaper than $1660… probably cheaper than $550.4th, if you want someone to do your taxes and help you get your max deductions - talk to a CPA who specializes in real estate and they can review your operating agreement to see if you’re setting yourself up properly, and they can do your regular taxes… and be cheaper than Prime. 5th, a separate CPA can work with you regularly to review your investments and strategies to determine good tax strategies as you look to execute any deals. 6th - don’t lock yourself into a crazy subscription model before you start making money!!!

Trading off current cashflow for principal payoff in the future?

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

I think an equally probable scenario is that we'll convert it to a rental, and then look into a 1031 exchange if we think we can trade into a better-performing asset. 

By definition, these type of loans are not the same quality as what is traded on wall street. 

Addendums can be added to a contract (in most cases), which modify the original contract, when legally executed (per the original contact terms). 

There's always trade offs when it comes to investing and one of those tradeoffs (if you want to find positive cash flow) is having to be okay with an older house.

Yes, be methodical, be with purpose, have a plan but MOST important of all EXECUTE, DO, TAKE ACTION.