If you can achieve return that justifies the effort and risk then it is worth it.  

.- I am in the DC Metro area, about 8 hours away....how do folks using VRBO/Airbnb handle check-ins for properties when done remotely? 

Do a noticeable price reduction.A property is worth what a ready, willing, and able buyer will pay for it. 

@Josh Silvester You need to check your local laws.

Foreclosure homes worth it?

As Nicholas said, get your agent to pull some comps in the area and check the finishes, etc.

- Tenant application and screening reports, background check, etc- Unit walkthroughs- Inspection by quality inspectorFew questions I have are, whats your thoughts on:  1) Rent estoppal letters from tenents? 

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I have also checked out their pricing, not bad!

Evidence may include:two months consecutive bank statements or electronic transfers of rental payments for existing lease agreements, orcopies of the security deposit and first month's rent check with proof of deposit for newly executed agreements.See Treatment of the Income (or Loss) below for further instructions.