Needless to say, real estate investing is a long-term wealth vehicle.

I think managing at a distance is fine, as long as you can get to the property once a month to check on it.  

My husband does small handyman work when we are not flipping houses.

The metrics for long term growth that made investors turn to Columbus still hold true and most of the job creation projects, like intels micro chip factory https://time.com/6140476/intel-building-factory-ohio/ haven't even been completed yet. 

@Sri VoodiAs long as you do none of the work on the property and hire a contractor - that’s one caveat to make sure you are compliant

We are thinking about an initial 10k sq ft project in Middle Tennessee but are willing to travel a bit if the market is right (Kentucky, Georgia, Alabama, and Mississippi). 

The two biggest challenges I hear are not realizing the condition of the property (for example, finding out the property is in a worse condition than it is) and working with contractors (not finishing the job, taking too long, etc).

Some will go with a nicer pad and a cheaper carpet.The nicer pad makes the carpet FEEL more expensive to the tenant when they walk on it.A great pad also resists wear and tear and if you need to replace the carpet the pad usually can be used again.Used to you would put a plastic membrane in between the carpet and pad to protect the pad but the plastic would slide and make noise sometimes.Now they have pads with built in protection.You are not looking for the cheapest product but the best VALUE for what you pay.It depends on the area and what kind of tenants and rent base you are working with.

I would generally try to avoid insurance claims if you can because insurance is getting out of control nationwide, and we are seeing in FL, TX and CA that claims can follow the house and/or you and make it very difficult to sell the home in the future.Within the mortgage expense category you have 4 separate charges: principal, interest, property taxes, insurance (if you escrow taxes and insurance which 95% of our clients do). 

@Hardy Davis  As long as you've lived in the property for two out of the previous five years, you could qualify for the 121 exclusion.