Howdy folks,
My wife and I are looking to invest a significant amount of cash in to out of state rental properties with a target of $115k/year in passive income.  I got Mashvisor and love the analytics that it offers...

Down the road a few hours I would add these to the list:- No or Poor crawlspace access --> you'll need in there eventually, usually in a pinch, and having 12 inches of space between the ground and your floor joists, or having no access (because someone at some time covered it over with flooring, brick, or some such thing) is going to frustrate your vendors and therefore cost more.- Sewer lines -->  Scope them. 

In a pinch I've got it to turn with a fat Phillips. 

My wife has family in those states and I am thinking it could be helpful in a pinch. 

I'm sure I could find a Project Manager in a pinch and offer to split some profit with him. 

From an investor's position our margins are starting to get pinched a bit another reason why we added lending to our business model.

Personally I like properties where that I could sell in a pinch in a major financial crisis even if the market drops like it did in 2007-2009.

Your chief concern is to get your purchase & rehab costs to LESS than 70% of ARV appraisal.75% at a pinch.

Also, with this being my first flip, is a spread of $33,000 pretty good or should I really pinch pennies and try and push closer t0 $40k?

I am retired and other than traveling a lot round the world have enough time  - and friends in the area I can call on in a pinch - to manage that.