First step would be to talk to your accountant to make sure you minimize tax consequences if you sell properties.

The fee is minimal and you get a whole library of forms to use.

However, some renters/applicants may say they can move in very fast so that you will pick them to minimize your vacancy; they are afraid of losing out on a good property if they tell you they can move in next week and another qualified applicant says they can move in sooner.Take your time and screen both sets of applicants according to your criteria, which hopefully includes past landlord screening.

The duplex was recently remodeled so up front cap ex would be minimal. 

Change them out to LED’s and there should really be minimal impact on their electric bill. 

Inspector also told its minimal and need to clean the gutters and create slopping to move the water away from the foundation.

What are some of the things that I should be doing to get ready for that first OOS investment to minimize the risk of getting screwed?

I just did this with a lender in OC, reasonably pleased with results (4.5% fixed 30yr 75% LTV minimal fees).

I brought in additional money into the closing of around 40k for rehab funds in order to bring the purchase price where it needed to be to bring it to 190k.The plan with the property was to either spend those rehab costs on a full remodel or do minimal fixes and just have the new tenant buyer for the lease option upgrade the property to their liking.

However, there is no doubt that a self-managed property is going to get the type of attention and bias it needs to maximize profit and minimize expenses.