The key is building a reliable local team—property managers, realtors, and contractors you trust.

I own a STR/MTR property management company here in SoCal.

@Craig DanielsI own a local top reviewed real estate brokerage and property management company in palm bay.

It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick

3) Can I rent to my son and also treat him as the property manager? 

Expecting big cash flow in multifamily apartments right now is kind of a fool's errand because if you find it it's probably in an area that won't be kind for out of state ppl with a third party property manager. 

Now, I’m full-time with Zuma Capital Group (ZCG), a company I co-founded to focus on acquiring and managing multi-family real estate investments.

I currently have a rental property and am looking at getting my real estate license and building a property management and property maintenance company to serve my investments and potentially others.  

In my mind, revenue management is the most difficult concept to master.

I also managed to creatively acquire two apartment buildings with $0 down about 4 months ago, one of which currently has a water main Leak under the slab and two of the residents have been without water for over a week, but that's another story for another time...