After only owning it for two days i've already been rear ended (pic below).  

I know all too well that building codes and inspections can be a pain in the rear, but it is always a good idea to have a 3rd party inspecting the work. 

They say the windshield on a car is six feet wide and the rear view mirror is 6 inches wide for a reason. 

"non-performing" implies owner is in the rears - - be careful.Be sure to get Title Insurance to guarantee the title is clear to you at closing.

Listed as a commercial property with a small store front and duplex in the rear.

The rear French doors are installed wrong and blow open in any wind.  

These investors typically WANT to stay passive and will gladly accept your terms if you have the knowledge and experience with the asset class.I do not like smaller properties that are SFR or even multifamily as they are a pain in the rear end.

It sounds like the IRA custodian is simply trying to cover his or her rear.

I am of a different opinion regarding the whole be within 20 minutes, 2 hours or whatever else - but, I think that's because I probably target a different class of property and use professional management companies to manage them for me.Completely agreed if you want to self manage end to end, you should be within close proximity of where you invest - otherwise it's going to be a pain in the rear end, especially if you have a day job and can only attend to issues in the evenings/weekends.If on the other hand you plan on having a property manager, turnkey or similar works - keep in mind nothing saying you can't "make your own turnkey" by just buying a good place to rent out in another city and finding your own PM to manage it.

Your best bet is to do a drive by of the front and the rear (if you can get to it).