Then you can begin to assess the tax treatment afforded those rights.

Then explaining to a tenant that clearly the property is more money than they can afford.

What have been some of the frustrating factors of being a remote investor?

That is something I've found really frustrating about tenants. 

Typically they'd just buy if they can afford something in that price range to rent. 

Hi All-I am starting a direct mail campaign targeting 2-4 unit propertiesMy Criteria for my list: 50%+ equityAbsentee Owner (in state + out of state)investor activity in area (determined by cash sales over the past year)10 year population growth in the targeted zip codegenerally affordable median home price in targeted zip codeStrategy:Handwriting letters in blue ink (roughly 280 letters)colorful envelopes to draw attention with standard postage stampsGoing to make the letters brief, but show some level of context related to the specific propertyMail every 2 months, for 5-6 roundsAny Advice?

Some lucky tenants get to take advantage and the rest can't find a place they can afford.

Option 2 is invest somewhere either in another part of your state that is more affordable (maybe a couple hours drive like you are talking about) or in another state where the numbers make much more sense.

Honestly, at the time it was about all I could afford that I was willing to live in.

I couldn’t afford to put gas in my car and I walked 2 miles to work every day then back home after quiting time.