You'll need plane tickets, hotel room, car rental, food, etc. to check in on your properties.

Thank goodness for the inspection report: it revealed that our planed 40k light rehab needed much more work (around 100k.) 

I am looking to move some of my liquid assets (20-25K) to a long-term, higher-yielding asset class with tax advantages.What do you all think are good rental markets (preferably in the North East) that are within a train/short plane ride from New York so that I am within travel distance within my budget? 

I think if your planing for 3 - 4 units it's 10% down - may vary based on leader good luck

If you don't believe me on the title companies, you can read the legislation here: ftp://www.leginfo.ca.gov/pub/07-08/bill/sen/sb_010....As for fee vs free - you can walk from AZ to NY for "free", or pay to take a plane.

If something crazy happens, how amenable are you to jumping on a plane? 

Situation: I found a deal in my area, far north suburbs of Chicago, and was planing to fund it via a conventional mortgage live in it for a couple of years and depending on the market either flip it, take the proceeds and do another or rent it.

@Steve Vaughan  another SV brilliant post.. that's why I don't pay cash for my cars anymore I used to .. with 2% or less money out there.. and I am going to drive them one way or the other.Same with airplane.. less than 5% money fixed for 20 years and UBER write offs.. no sense paying cash for those.. this is why you have a private aviation and jet industry to begin with.. and heavy equipment for that matter.. you can buy a multi million dollar plane with 5 to 10% down and fixed for 20 years .. with moderate qualifications..

Do you use your plane for business or pleasure?

I mean we all pay taxes in some form; I would rather them be used to ensure people have a home than on corporate tax breaks, billion dollar planes that don't work, a stupid racist border wall, and as a gift to Israel so it can be used to kill Palestinian children.