I think I know enough about real estate to be able to tackle this.There are parts that I don't know (best software for very small portfolios, insurance if needed?

I had hopes of getting it somewhere down around $75 -- though that feels a little hopeful depending on scope and what I'm able to tackle in my spare time.

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.