I think you answered your own question - you should expect you will travel a lot to this area  - but maybe ????

To me, the margins seem really thin, and unless you've done a similar project like this before with this contractor, this is a risky project where things you expect will inevitably go wrong. 

After talking to one of these companies, you'd be surprised at how many places test hot that you wouldn't expect.

The HOA, had a balance of $195k at the beginning of the year and is expected to have $207k by year end.

Obviously, dont put an unqualified person in there, but with record credit card debt in America, and a worsening recession on the horizon, one can expect much worse credit scores across the board vs 5 years ago.I have struggled to place tenants in my properties before, and have fixed the issue by adjusting my screening parameters. 

If you're looking at this from a distance, connecting with a local property manager could give you a clearer picture of what to expect in terms of tenant demand and property management challenges.Let me know if you need any more info or want to chat further about this.I hope that helps

I expect to have about $10,000 in repairs on the high side.

how much should i expect to pay for my next property i know it depends on price but percent wise?

Otherwise, as @Nathan Gesner points out, it can be MORE expensive than hiring the right professional.ALSO:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

However, it is only day 1, so I will have to see how it goes and what other lessons I learn.I did also put together house rules, and go over everything with the tenant upon arrival (I did talk about any "rules" during the final interview to make sure we were both clear on expectations), and provided a written copy.