I am a full-time business owner who has been project managing in my existing business for 25+ years, so the notion of project management is comfortable to me, however, my lack of active construction  knowledge and my physical distance pose a significant concern.My local real estate agent in that market has been very helpful and is willing to help me look for contractors and he might even be able to check up on any potential projects occasionally but he won't be doing active construction management.Part of me says that I should face the challenge head on and try to locate, select and manage suitable contractors myself and learn along the way, also by reading other Bigger Pockets investor blogs and advice on how to manage contractors.The other part of me is concerned that this might be over my league at this stage, considering that I only have about 7 to 10 days to firm up the deal on these 2 potential projects, which might not be enough to do proper due diligence on contractor selection.

I agree that some areas of study have limited use, but there are fields that are essential to our standard of living that you cannot prepare for properly without a college degree (engineering, medical, physical sciences, etc.).

Borrowers who are military personnel, who cannot physically reside in a Property because they are on Active Duty, are still considered owner occupants and are eligible for maximum financing if a Family Member of the Borrower will occupy the subject Property as their Principal Residence, or the Borrower intends to occupy the subject Property upon discharge from military service."

When I say a lender, I mean a local lender that you can go to a physical office and talk to them.  

Also how did you go about investing in these out of state properties without physically being there, I was looking to be a little more hands on for my first couple of rental properties , I just want to get my first deal out of the way

I do self manage my properties, outsource all the physical labor tasks.

Also, insurance did NOT cover it because the sewer line that needed repair was not directly under the physical home, but rather on the front and side lawn area.This work was done back in 2013. 

Time management (balancing between the full-time job and out if state REI) : Sh­all we fly out the first time to see the property and make an offer, and then fly out a 2nd time to do physical inspection if the offer is accepted, a 3rd time to get contrac­tor quotes and start the repair needed, get property managem­ent in place after the closing?

In the midst of putting together a property management company in NJ and am wondering what other PM's generally do.I have always been a stickler for duplicate documentation in both physical folders as well as on servers/ cloud.  

I'm presuming you are referring to the geographical area where I can physically inspect properties and make decisions on lending?