It does take 1-2 weeks to accomplish, so does require some effort and monitoring on your part, but sounds like you are a diligent self-money manager, so should be easy for you to accomplish. 

Unless you're monitoring these regulations full-time, it's easy to make costly mistakes.

Class A- Brand New buildings with lots of amenities, good infrastructure & locationClass B- Building are usually older; priced less than Class A & need some updates/restorationClass C- Oldest buildings (20+ years); need significant maintenance; less attractive locationsWhere things become subjective is an older building located in a neighborhood that's changing for the better. 

This is why so many companies are leaving states like California.Pro-business environment: Companies want to focus on their core business, not fight anti-business policies.Significant infrastructure: Companies favor cities with substantial airports, freeway systems connecting to other cities, and more.

I know that I monitor this CT forum since I am from CT and looking to help people be successful in CT.  

Who is monitoring budgets and spend?

You'll be able to monitor everything a lot easier if you can invest in your own backyard and won't have to jump on a flight or incur any unneeded expenses. 

Monitor your spending habits to make sure you’re consistently putting money aside for both the short-term and long-term costs of real estate. 

The local investors will need to know their local real estate and rental markets and depending on the infrastructure the investor has in place or is willing and able to build, that will dictate how much time and effort they would need to contribute.

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project.