I don’t know that there is a defined policy stating how frequently you have to physically occupy the property or how many nights you ha e to sleep there - maybe you like to go camping a lot, or maybe you travel for work, but you do have to call the place home for a while...

We both live in different geographies and its a pain point for either of us to travel to a different location all the time when we encounter a deal we are interested in.

That, is if you have to travel to those cities often and can get reimbursed for your travel expenses and make time to visit your investments. 

Since you live in the northeast, you might want to consider an experienced Turnkey company that would keep your travel expense down while earning some money every month.Unless you have friends or family in the subject area that will be willing to help you, that may be the way to go and not too risky. 

I welcome any advice, as only a foolish man refuses wisdom from someone who has already traveled down the road I want to be on.

One is with Turnkey properties that do the purchasing, the renovations, and the managing and they can be trustworthy and reduce your travel expenses. 

It's the flip period, when you have to travel to the property frequently, that will be difficult.

Try to do it in a city that has a 3rd party relative or a friend that is local of the subject property that will help you out and reduce your travel expenses down.I would normally tell you to be honest with the seller except from when you are Wholesaling and assigning the contract. 

So trying to get them to travel to a smaller market, 40 minutes away, was hard and any contractor around wanted a lot of money.

I have been fortunate enough to travel all over the country to attend conference events people from BP have put on and I can tell you, every time it is a 12+ hour day of talking REI where I lose my voice and can’t wait to get up early the next day and do it all over again.