Buy locally with some deferred maintenance, supervise rehab personally, and manage personally.

Once you demonstrate competency and value and can operate without supervision and get jobs done ahead of schedule and under budget you should be able to make $80-$100k. 

But there is always a risk that the property might get damaged without the supervision. 

There were quite a few lessons learned and this required a lot more hands on supervision than normal.

@Jerome S. in Minneapolis I've used Urban Enterprises & been happy with them, they run an organized communicative operation w/ good prices and supervised by a very experienced PM.

Agent’s Supervision of Third PartiesExcept as otherwise herein set forth, in the management, maintenance, operation,repair, or rehabilitation of the Premises, Agent is authorized and empowered to hire,employ, discharge, and otherwise supervise third parties, including without limitation,servants, employees, contractors, subcontractors and other personnel engaged on behalfof and at the sole expense of Owner.Owner shall have sole responsibility and liability for the acts, transactions, oromissions of such third party.

If I take out all soft costs, loan interest, and supervision the build cost is under $100 per sq ft.

I am thinking about investing out of state although my risk over there is that I will not be available to supervise the property and to not have control/supervision over my investment is a scary situation for me.

I was present in the house as it was being done, because I was supervising and also touching up with cleaning myself.  

Also I've found that I am most skilled off the court supervising as opposed to actually swinging the hammer, it's something I can do, it's just not the best use of my time.