My bare minimum is $230 per month.

. $500 will barely get you a water heater.

My bare minimum for vacancy, repairs and capex is $230.

My only concern is that I barely read about how out-of-state investors manage.

That property has barely broken even in cash-flow, but in the 2 years I've had it, it's appreciated about 30%.

You are using my bare bones for repairs and capex.

We can absolutely come up with 10.01% down on this property, if not just barely. 

The policy barely meets the definition of life insurance.Also is it possible to do flexible payments? 

If you hire even one decent person in today's world you will need to pay that person no less than $40 per hour and at $1600 per week that is still a very low wage and barely enough for a person to rent or buy a decent place to live. 

So with a higher rent property, you could probably replace 3 roofs after the 3 years and with the lower rent property, you could only cover 1 roof (barely).