There is no substitute for physically walking through properties.  

Because sweat equity comes in many forms such as physical work on the property, finding tenants, collecting rents, doing taxes, finding the actual property...This is one of the hardest things to agree on and when costs increase and money is not being made it leads to a lot of conflict.

(I can fly back for closing or other events that requires my presence)3) If both of the above are okay, when do I need to be physically present?

Owner occupied means you physically live there.

Make sure the tenants understand the terms and are willing to abide by them and have the means to do so (mentally, physically and financially).2.

Rentfaxpro might help for the non physical stuff.

You have to treat all physical (people) things as a business owner and not personally.  

If she does go for the cash for keys, make sure you she is physically out and you have possession of the unit before you give her any money.Good luck to you,Arlen

I guess to take it further then just going out and looking for deals is to physically get out of the car and look at properties, knock on doors, talk with neighbors, etc.

I’d call now before the guy comes out, you don’t want him/her to turn it physically off or to charge you for turning it back on.