(Starbucks / yoga studio / craft brewery /boutique cookie,coffe or ice cream shop  are the easiest targets)-Activation of dormant retail sites-Increased foot traffic For B to AAbove also apply-Home valuations (are homes in the increasing at rates above nearby or similar neighborhoods)-Is it walkable or are projects in place to make it highly walkable for residents-Is it near highly desirable activity centers -is it unique (for example - Can it get historic designation)

If not, it's highly recommended that you do.

I spend 1 hr (on the high side) per month managing. 

What you can't do remote is get a sense for the neighborhood and asset quality.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Typically high fees, but still half of what I was being charged by the investors edge. 

But as you said, it takes a quality renovation team, quality property management, and quality business partners.

I looked into this at more than one occasion, because Milwaukee has such an old housing stock, everything is 60-120 years old.Most of the new apartments we see are 4 and 5 star developments with very high rents, this allows to offset the high cost of construction a little better.

For active investments I advocate considering how you can diversify WITHOUT ceding your competitive advantage nor the superior profitability of the niche your in.As an example my business is running an investment fund and syndication high interest commercial mortgage loans secured by income producing real estate. 

And therein lies the risk of high-leverage.