And you’d be kicking yourself for a long time if you could have prevented all of this by making a few trips day trips to verify the property’s condition, the surrounding neighborhoods, interview a few agents and property managers AND maybe find some other or better deals.There’s nothing wrong with your goal to do out of market deals and rely on a team of experts.

Where you as an owner occupant would forego certain repairs, you can't necessarily run a successful rental business, if your have shabby rental conditions. 

I'm not sure why you think it's the other party's job to "bring these things up in the beginning", and I am not sure why you didn't bring it up in the beginning, if that was a condition of your bid.  

Some local investors tell me no less than 8% vacancy factor and cap ex depends on current conditions of the property and what will need to be done within the next 3 years, could be 10% of gross rents.

I am no general contractor or handyman but that is our goal considering the condition of the properties.I would like to advice about things to come with being an Landlord?

Go to open houses by realtors in or near the house you want to remodel and see what is normal condition for that type of house.

There's opportunity out there regardless of current market conditions, but so many people are sitting on so much equity today that purchased during the great recession, that many people are convinced the Great Recession is a once a decade thing rather than a once a century thing.IMHO, Great Recession Part 2 is not around the corner.

Depending on what market you choose and the conditions of that market you may want to sell first prior to finding the next property.

By this time my wife and I noticed that the economic conditions had changed and the CMAs were a lot higher then we had anticipated.

How do I figure out what's it worth in its current condition and the ARV?