Main things we are looking for are:1) Are residents keeping property in decent shape2) Any leaks or issues that could lead to substantial damage3) Any capital repair concerns (mostly foundation) that we might need to address4) Long term guests who aren't on the lease, pets who they're not supposed to have, etc.We also change the furnace filters (because we don't trust them to do that), clean off the AC units and are considering cleaning the gutters for an added fee if tenants request it. 

So if/when furnace goes out, it's on seller to pay to repair/replace. 

We will need to move out and do extensive repairs which will then end up being rented (a delayed brrrr in a way).

There is no telling what repairs or unexpected expenses will come up.

I perform repairs/maintenance on the home for the life of the former homeowner.

Third suggestion is find a local partner that handles the lending side of things (to avoid the foreign limitations) while you handle all management and repairs part or the deal. 

I would recommend that your lease reflect a flat rate fee - for example, my lease states that I need a 30 day written notice if they are moving out while in an active lease, there is a $500 early termination fee, and the tenant is responsible for the rent until a new tenant is secured (this helps to encourage the tenant to leave the property empty and in good repair). 

Will the IRS want to know who I paid the money for the major repairs?

Before you make any other moves, do all the repairs and cap ex on this property while you have the equity so when you get something else this one is cap ex free barring something crazy.

Other funds are still spending significantly more on repairs/infill/renovation/etc. and are therefore distributing a lot less if you are a class B (pref + equity upside) LP.