Serious investors know this. 

I'm interested in learning all I can about this kind of stuff and wanting to dive in and have rental pay my monthly mortgage!!!

As I've learned more about analyzing properties I have quickly discovered we had to make some changes to our current rents and with changes going into effect next month the property will cash flow around $675/month, we only have about 7 more years on a small lean we have on the building, after that it should cash flow around $1000/month and be paid off with no leans. 

Between a demanding FT job (that I enjoy,) a wife who also works FT, and two young children, I have no real desire to "all in" to real estate as a FT career at this point in my life.

Does anyone else have experience with this? 

This is assuming things go almost perfectly.

I would imagine that once you set up a payment plan with them, they will turn on the water for the plumbers to do what they need to do.Not sure on the regulations on this but Id also see taking the tenant to court for the balance due on the water bill.Best of luck!

Any general tips or advice on forming partnerships with out of state investors?

He read my one star review of him and called VRBO to complain. 

Please share any good tips which I should be mindful about.