Better to have it and not need it then to need it and not have it...

Account ClosedI would add here that you're going to want to build up a significant vacancy cushion because you're going to need time to screen applicants and maximize your chances that the next tenant you place in your rental will be a better fit for it than the last one.

You're going to need a detailed development model as the property is currently not income producing.

This means your investor is going to need to have some very patient money. 

The house is really cheap compared to comps but doesn't seem to need a whole lot of work.

As a landlord you're going to need to get on board the eviction train.

Being out of state you need dependable people but also ones that you can trust to be your eyes and ears.... and honest.You're also going to need a GOOD banker, not just some broker who is "investor-friendly".

Most hard money lenders won't lend in that space, so you're going to need to dig deep. 

I knew I want tone an investor when I close on my first personal home and the flipper/seller made 90k at closing direct deposit into his account.

If you need or want 20% returns on a buy and hold, you are going to need a different house than if you are happy with a 10% return.