Meanwhile he's going to be wanting his deposit back. 

No, I only invest locally. 

I actually do not no of anyone that has completed one . 

You want Tenant A out, you inspect, you handle the deposit, then you move Tenant B in.

As soon as a tenant gives notice, I copy the template and create a new checklist, assign all the tasks (in your case they would all be assigned to you unless you have an assistant), and then set deadlines for particular steps like "Tenant Turns in Keys" or "Refund Deposit." 

I work in the entertainment industry, so I make decent money, but depending on economic issues work can go in and out, and there’s no real assurance of constant monthly income like there would be for other jobs.

Well, it doesn't because there's no way to post a return/refund.

If you start one, you are no longer a landlord but also have to work on all aspects of running a business! 

@Ross Hayesno estimates, no proxies, no swag.you do the math.you need to know what your buy closing costs will be, what your holding costs will be, and what your sell closing costs will be. 

I am having difficulty figuring out how to use the numbers here to see whether i cut my losses or proceed knowing some major capex work could be done after renovation, so hopefully no major expense in the near to medium term, and all the potential of the area in price growth and rental growth.