A credit union in my market will occasionally lend to out of state investors on commercial properties so there may be on there as well.

Occasionally, properties are appraised below our sales price, but again, that is an appraisal opinion we do not share.

Yes occasionally you can find something with a twist that might break even but generally it will be illegal in some way or unsustainable.However other parts of NZ are definitely do-able.

We have relatively good systems for check in, cleaning, etc. but we need someone that can do occasional house checks, meet contractors if necessary, and respond to specific issues. 

I occasionally have free time at work and use google maps to "drive" around the particular areas I'm interested in and find potential properties there.

@Calvin LipscombWe typically allow an hour for each unit - some of that time will be spent on common areas and the exterior - occasionally more.  

I am in the process of closing on a primary residence through conventional financing.I have a unsecured line of credit, that i occasionally move money into my main checking account, when I pay contractors for work on rentals etc. 

That is fine if you are flipping because that is the proper treatment there, but it is a major problem is you eventually also have rentals that you occasionally sell (you also cannot 1031 inventory, so dealer status is also problematic there). 

Occasional reader of BP finally deciding to join after my last project.

While experienced investors have occasionally found the 'diamond in the rough', it takes a lot of looking, knowing where to look, having extensive contacts (of the right kind), and the knowledge and experience to recognize the real deal.