Managing a property hours away can be challenging if any issues arise, but having a third-party property management company could help handle those situations and make things more manageable.I think you are in the right place to gain some insight on what would make you successful. 

@Arron Paulino Your posts illustrate the challenges of exiting SFH's in markets where the natural buyer is another investor and not home owner.

Rental Market Trends: Is this zip code trending positively for investors looking for cash flow, or should I expect stagnant rents and challenges with appreciation?

Quote from @Michael Smythe: @Felicia Jenkins the shorter the term of the lease and the more tenants there are, the more challenges you'll face - especially if you plan to manage remotely.Who will be your boots on the ground, do showings, maintenance, etc.?

I merely made mention of some of the challenges I faced, but those challenges cannot be overstated either.

My experience is those have been in short supply since beginning of time. 

As others said out of state can be more challenging based on location but local or out of state both can be done. 

So you would spend around $25-$30k a month (this was 15 years ago) on police details and require union gate and non union gate if you had non union workforce as well.In DC area, the utility providers are a huge challenge, whether getting permanent power, or water/sewer service etc - good luck.

With the fires, labor and materials are going to be in short supply.

If the property was misrepresented in the sale documents, there could be grounds for legal recourse, though this might be more challenging after the rehab.In a similar situation, I’ve seen investors focus on maximizing their returns by operating within the legal limits (e.g., as a single-family or duplex) while still exploring long-term solutions with the city.