But I’d rather be cautious and learn from my mistakes on one than be making mistakes on multiple properties (and potentially making problems exponential) 

You will need to go over your numbers as you would with any rental, however I would absolutely be cautious on where you end up.

As a landlord living in the same building as the tenant, I feel much more cautious of my presentation outside of my unit. 

In regard to going out of state, you want to be cautious when you don't know an area.

@James M.Thanks for the link.I am by nature a cautious dude and I am happy to find someone that may be able to educate me.

I would be very cautious if you are jumping into this especially in the state with the highest property taxes and more tenant friendly laws. 

Just always be cautious.

Assuming it passes the inspection, and the work completed is verified, should I be concerned or cautious with continuing with this deal?  

I too have considered turnkey companies, and am in the process of researching if that route is a good fit for our investment goals, whether this or that company would be a worthy partner, and being cautious until I know what and who I'm dealing with.

Am I being to cautious?