Unfortunately its not like you can go into the property and physically remove the buyer and go into the sellers bank to remove the cash owed to you.

Even more importantly 2)when you go out of state as a newbie, to a market you are not as familiar with, have severely limited physical access to, have limited or no network, and no way of practically gaining hands on experience, then you give up nearly 100% control over your investment and lose your ability to assess and mitigate risk.

Spend the money to fly to them and physically see their operation.

The reality of it is that most of the folks flipping houses are losing money - not just from the perspective of hard physical cash losses but also form the perspective of rate of return. 

Much like in the industrial revolution when machines replaced physical labor, new technologies are now replacing cognitive tasks.

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