You should be able to find a PM in your target market to help manage everything for you (I don't recommend managing from a distance...it can be a nightmare and your time is more valuable focusing on your sales business). 

Long distance investment (will be using property manager)2.

And if you can, put one that's a little distance away. 

I’d love to hear some perspectives from more experienced investors on what you think about the info below:$75k for a 5bd 3 ba manufactured home that rents out each room for $500/monthPros:Reliable tenant paymentsCheap purchase price relative to income generatedPotential for ~16% CoC ROICons:Long distance investment (requires property manager)Month-to-month leases per bedroom (& no deposits collected)Located in Utica, MS – not a thriving market for rentalsManufactured home – not sure this type of home will build equityUnsure what kind of tenants live here Hey Molly!

This isn’t 1979 where you’re restricted to properties “within a2 hour driving distance”.  

Would it be worth it to invest in a less expensive unit just outside of the strip or is having a place within walking distance the biggest appeal?

Definitely better schools in Rockwall, I think more people commute into Dallas from Royse City than Rockwall too.

Read "Long-Distance Real Estate Investing" by David Greene and follow him on the David Greene podcast.

Out of curiosity, when you travel to new cities for work, are you basing your search for housing on a certain mileage, or walking distance, from the hospital you’re working at?

Quote from @Tika Sanyasi: @Aristotle Kumpis: I was thinking of being the landlord and managing myself but, was wondering if the distance is too much to cover to do that.