If you aren't aware of this I would start by reading Rick Dad Poor Dad, it discusses the basics.  

Are there any "for dummies" style guides to even the most basic of guides?

If I were you I would take a drive by the place and look beyond the property to see if it’s an overall solid street to get renters in.

Basically there were two owners that bought/built the whole street of duplexes in the 70's.

Work is pretty basic, mostly wall repair and paint, some hardwood refinishing, installation of new toilet, and vanity, refinishing of a tub and removal of vines from the stucco on the outside of the home.

Hi Drew, I have been crunching the numbers and running the projections for my grand entrance into REI early next year in Texas, and basically came to a similar conclusion to flip for cash and buy-n-hold for longer term equity buildup.

The PM can make or break you--being remote, you will basically be at their mercy to deal with problematic tenants, find tenants and keep vacancy low, collect your money, find contractors... in short, every aspect of actually running the business. 

Recently a few friends have suggested that I invest some money into the basics such as new plumbing and some cosmetic work so that I can at least market it for a higher price, however, I am hesitant to do this as I am not sure if anyone will buy once the updates are completed.

However Insurance company today served us (LLC) with a legal suit to get basically out of some parts of the tenant's lawsuit and including passing legal fees to us. 

I don't remember all the specifics, but he was basically using 5-10 Bedroom (Large SFR) as Assisted Living businesses.