If you need plumbing replaced does your plumber charge you based on a % of rent?

Your competence will ultimately drive your reputation.  

GROSS - you may have never seen the inside of a galvanized water pipe before so it's not your fault neccessarily.Go meet the plumber when they pull that water line apart and look inside the pipe at the sludge that runs out of it and how packed with sediment and who knows what else inside that pipe.

My agent is from a reputable firm (KW).

Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time. 

The best sponsors build their reputations and investor base on long-term performance and trust.

Plumbers are crazy expensive, increasing city taxes, thinking if another issue is going to come up and I wont be getting the full rent to cover the mortgage.

I have an investor savvy real estate agent, a contractor with references and a good reputation, a number-crunching account as a husband.

The biggest drawback I am having is calculating cost for repairs & finding a reputable contractor for a fair price - I know nothing about renovations right now.  

I certainly respect how anyone goes out and markets themself but usually we find the best plumbers/title companies/lenders/etc through other investors in our market.