Who is monitoring budgets and spend?

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project. 

You'll be able to monitor everything a lot easier if you can invest in your own backyard and won't have to jump on a flight or incur any unneeded expenses. 

Monitor your spending habits to make sure you’re consistently putting money aside for both the short-term and long-term costs of real estate. 

This includes monitoring the transaction, conveyancing, compensating my transaction coordinator, and dealing with both sides paperwork and timelines - not including negotiations. 

I think the 2 biggest hurdles are finding the right team to do the work, given you won't be there to monitor it 1st hand.

Be prepared to answer how you will monitor the property. not everyone asks and not everyone will press hard on this, but it's good to be prepared, especially for rehab properties.4.

Not being on the ground makes it difficult to monitor progress and judge the quality of work.

The guests stayed for a month and did not monitor this activity. 

I recommend reading the book traction and following EOS - they have a one page business plan that is awesome to follow. any planner can work it's a matter of creating the plan and how to monitor and follow through with it which eos teaches