I am thinking that it might be better to buy SF or duplex rental property before trying to tackle a fix and flip project from out of state.   

I don't think you'd be able to tackle it.

However, the communication from MSHB was very quick and forthcoming, and they pro-actively tackled the process and resolved it quickly. 

They expect the PM to have qualified staff able to tackle a wide range of tasks and projects, and basically ready on standby to deloy.

I live here and I don't want to tackle that market (though I have friends who have been very successful doing it) I would think that it would be incredibly difficult to do from out of state.  

I personally wouldn't want to tackle a large renovation 2-4 hours from my house. 

Like money down, who has to do the work, and etc.You really need to figure out what you are going to be tackling because moving/taking out walls is not a beginner rehab task while you are living in the unit in most cases.

Thus, a combo of Capex and rent increases to the tune of $300 to $400 in the upcoming year should yield enough NOI increase to trade and reinvest several $M in equity and perhaps tackle a few $10M deals in the next year or two.

Some of these investors beginners and others have a crew that is ready and able to tackle harder projects.

We became 1 and tackled both issues.