The disadvantage is you're not close enough to check on the properties.

My current biggest disadvantage is battling the wrong mindset and limiting beliefs, but I'm overcoming that with education (books, podcasts and forums like BP), reaching out to brokers and lenders, marketing for off-market deals, and telling everyone I can what my goals are. 

What you said above was that if people can't pay for medical care, they don't deserve to get it.Now, if you really believe that "a civilized society has a responsibility to take care of those who can't take care of themselves," does that mean you believe that people with low IQs (who presumably can't do well in college and get high paying jobs) and people who come from disadvantaged families and need to work to support their family instead of going to college (and therefore, who presumably can't get high paying jobs) should get subsidized medical care?

When I've rezoned land from residential to commercial, the property taxes jump up by about 800% (the original tax amount was around $300 per year originally, so it wasn't a crippling amount... but still, that's a big change when nothing changed other than the zoning).There may be other things, but those are the first issues that come to mind.On the plus side, when you consider these "disadvantages," they're also pretty compelling negotiation points when buying from a motivated seller.

They'll pay whatever they can afford to pay if this is actually a good developable piece of property.You're going to be at a disadvantage as somebody who has never done this before.

All sides of town have their advantages and disadvantages.

This can give you tax advantages (or tax disadvantages if you structure it wrong) and some liability protection.

However, living 400 miles from my property might have some disadvantages. 

Forget the llc, too many disadvantages.  

That's the disadvantage to corporations.