I think that's perfect for quality properties that need little work.

@David LewisRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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 property in Class D area to Class A standards, what quality of tenant will you get?

That's only achieved with QUALITY. 

This way you can easily refinance in a short time frame after closing and capture the equity you are obtaining from getting a property at such a quality price. 

Basically just putting a step in the middle of a disallowed transaction that is really only there with no actual profit/business/clean motive except tax avoidance...is not valid. 

There's plenty of information on how to find a good market with a quality property manager.

Are their listings detailed with good quality photos?

If you think you can find a higher quality tenant, then that is a different conversation entirely. 

my google search of asset definition had as its first entry: "a useful or valuable thing, person, or quality."

I also admire your commitment to spending quality time with your family.