In the end, you have to decide the cost / benefit / risk / reward of doing one makes sense in your situation.COST - You have outlined some of the costs, but not all. 

sorry meant mortgage rates when I refer to interest rates.

I have referred a loan out of state based on NOI, cap rate at purchase, room for increase income and purchase price vs market value.Maybe I didn’t articulate the intent of the post as clearly as I hopedFor anyone who has bought multi family out of state, “what are gives you the warm and fuzzies about a deal”:Obviously not cap rate, but maybe vacancy rate,  Cash on Cash ,GRM, IRR, Unlevered free cash flow, Cities over 250k?

You can shift your perspective to enjoy what you're doing, yet reap the long term rewards by planting the seeds today. 

3.Rent schedule available, as well as lease and income reported to the IRS4.Not sure by what you mean doing it through the city, are referring to rehab permits?  

Scope of WorkThe Subcontractor agrees to perform the following work (“Scope of Work”):Detailed description of tasks and responsibilities.Exclusions: [List any exclusions here].Materials to be provided by: [Contractor/Subcontractor].Reference drawings or plans: [Attach if applicable].2.

For reference, my property was only about 90 miles from Peoria.

I work with a lot of other real estate related businesses and closing teams that refer business to us. 

My primary focus right now is on finding opportunities to generate passive income through real estate investments.As a beginner in the field, I’m eager to learn from others who have gone through the process and are now experiencing the rewards of their hard work.

A good PM can refer you to top sales agents in the market, they can tell you what type of rentals are in demand, they can tell you which areas are best for investments, and they can cross-check what the sales agent tells you about specific properties.Remember: cheaper doesn't mean you'll make more money.Start by going to www.narpm.org to search their directory of managers.