The house has been on the market for many months..."

It justifies the property selling for greater than just market appreciationI do owner builder rehabs but sometimes use contractors for large work scope or scope beyond expertise.  

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

Try networking locally with HML's who know the market. 

In the 2024 insurance market, CA is hard to place, so even though you could force them onto a single policy, it may be more economical to keep them separate.I'll send you a note with the carriers who can do this for you.

Diversifying your portfolio can also be beneficial, as it helps mitigate risks associated with market fluctuations.

Charge market rent. 

If we can complete projects faster, we increase IRR and build trust.3) Market Risk- The longer it takes to complete a project, the more exposed you are to market fluctuations.This goes for all things Real Estate - BRRRRs, Flips, New Builds, Rehabs, etc.Real Estate is a wild ride I feel your pain, I've had this happen many times where the project is twice as long.

STR seems to have better tax benefits (in the right market) but is it worth it at a distance ???

Are you trying to buy in your market?