It's for your own peace of mind to be assured that you know going in the condition of the building and any costs that may be associated with repairs.

My philosophies on life and business would be present in that life>work/money, but hard, smart work and money can enhance life.

Wishing you much success and financial peace!

Also if you are cash poor and time rich, you can put in sweat equity to enhance your returns.

Being physically there gives some people peace of mind, but it really isn't necessary as long as you work with good property management, contractors, real estate agents, etc.

Things move a little slow compared to if I were to do everything myself, but I sleep much peacefully at night knowing that if one guy were to go on vacation or fall sick, or something bad were to happen to him/her, I won't get screwed. 

You can still tell a lot about the quality of an operation by looking its people in the eye, and the investment of time and airfare will pay off big time in peace of mind.Good luck!

The military is going to pay for my education and I would like to go into a field that will enhance my position as an investor.

I'd put you on MTM, charge the maximum deposit allowable (1st+last+security), and raise the rent $100/m for my own peace of mind. 

The lot is located in a thriving residential area and I would would love to build something in keeping with the existing homes to preserve or enhance the community without changing its vibe.