Milwaukee may be a great option to get started, esp since you have family / foot on the ground there.  

There are plenty of people who are new to this industry, but never get off the ground because they allow their fear to be their decision maker. 

It's best to lay down the ground rules and strictly administer them early after the relationship begins, typically month 2 (month 1 is for fixing clear problems with the property hence a bit more leniency).  

My business partner and I hope to hit the ground running within the next two weeks.

I would hold your grounds on this. 

Do you know if you have a grounded system?

I have an engineer that does phase one, site inspection, and cost reserve stable for one price.Cost for everything above is in the thousands on average.Even if NNN with no landlord responsibility we still get the inspection as part of DD process.If the tenant doesn't renew it is important to know right before the option period kicks in how much life is left on roof, mechanicals etc. as in addition to the TI costs to re-tenant you can get hit with a lot of other capital costs.Lender is going to order a PCR site inspection report whether the buyer wants to or not.

Just like how you can always find a great market to invest in within an hour or two from where you live, you can always find higher ground.

As you think about investing out of state, you'll find value in establishing a network of reliable people on the ground in your target market. 

i am in the rehab phase of a 203k right now so feel free to ask me specific questions. dont forget to include closing costs to the amount you need to fund the 203k. this is on top of your 3.5% minimum contribution.