You will need to learn about the local laws, advertise, background check applicants, meet them for showings, answer questions, get a good lease, answer the phone at any time, arrange for repairs, do inspections, manage finances, manage an LLC, and more.

This will also help you be organized when completing taxes and writing off any potential expenses like furniture, utilities, repairs etc. that come with the rental business. 

I'm looking to build a team of contractors to work on flips and repairs in Bakersfield, CA.

You'll also probably need to make a number of small repairs between tenants.

c) If I do find a property that is in need of repairs, how do I go about the renovation process (given that I won't be onsite or close) ?

Do you know how to evaluate repair costs so you know what offer?

You will need to build systems, but replace some of that time with seeing homes and understanding repairs and landlording.

Unfortunately, you also need to  account for expenditures other than your debt service…I.e. repairs, vacancy, etc. usually people assume these as a percentage into their calculation.

Do not EVER use the security deposit for repairs or rent while the tenant lives in the rental.

(No reason to say 90 days because you’d rather collect more rent and sell towards end of the lease.)Plus if they decide to ask for repairs you can say no thanks and keep the $25k.