With 250k, I'd concentrate on getting deals (deal flow) as finding just one good deal will probably make you as much equity as you'd gain working on this BRRRR in a fraction of the time.

If you think about it as concentric circles then the highest level of involvement would be managing the property yourself in a market you also live in, the second would be using 3rd party manager but sourcing your own deals in another market, 3rd circle would be paying others to source your deals and do the work to repair and mange, this is generally the turnkey model and you are naturally experiencing less of the upside yourself as you are hiring out the other parts. 

Insurance companies often try to mitigate risks, I worked in one and often they have to policies, like getting re-insurance, if risks got too concentrated.

Myself I would recommend one market owning in multiple markets can be expensive just in travel etc.. better in my mind to concentrate in one area that you can get a direct flight to..  

We were going to fix it but every time we bought a more expensive property we concentrated on that so this one kept getting put on the back burner.

Their wealth is likely highly concentrated in a single asset that is levered many multiples of their annual income.

The concentration of the moisture damage andstaining would indicate a leak under the vanity.ApartmentConditions37 The kitchen faucet is loose, moisture damage at the backsplashbehind the sink, repairs needed.ApartmentConditions39 The bathroom floor is soft and spongy and lifting.

NYU, Columbia, MIT) and many others offer Real Estate major, minors and/or concentrations at the bachelor's level and/or within MBA programs. 

Where i go, Texas Tech University has a Finance major with a real estate concentration, so check schools near you and see if they offer something similar.

Third, it concentrates your risk in a fewer number of properties.