I do agree with Evolve's model on one point though -- that the PM does not have to be physically stationed in the local market.

Even in a mediocre market, if you have a great agent and a great PM, you will outperform a great market with a mediocre PM and agent.That's also why I think it makes no sense to invest in 17 different markets: you don't know much about any of them, you have to build a network of people in every market, the law is different in every State and it's physically/economically impossible to visit any. (1-4 units anyway, large commercial is different). 

Had tenants physically threaten me when I went to make repairs and asked them why they caused the damages. 

My financial objective is Teak production and sales to India/China/Europe and also procuring physical locations that won't be for sale in the future.

Otherwise, you'll regret it.Plus real estate isn't an intrinsic, nor is any physical asset, ball game.

There are winter weather issues and so many things that come up from not being physically there The numbers someone gives you on a spreadsheet are ideal scenarios.  

So for the last year or so, I have been thinking more about physical health.

Most of these homes are "as is", so if you aren't very familiar with the costs of potential problems that you can't physically see (foundation, septic, etc.), this may not be a good place for you to source. 

When we decide to switch companies (we just did this), we formally evict our "employer" from the building on the same Friday we quit, and the branch remains physically in place with new signage up, new phones, new computers, lease signed with new employer, et cetera, on Monday. 

In ref to what i was rambling on about in the first post, this cant be just about taxes because it wouldnt make much difference to the city whether or not youre physically residing within your primary residence (and listed STR) if that property functioned in every other way as your primary res.