Pre-understanding of the area/market, willingness to fix and live in an outdated and damaged home.

If you have the money, and are asking the question, I would say you are ready.The only other question might be - are you timing the market right?  

Goto some networking events in your market and see about teaming up with local investors on your first one.

Here’s a 10-step process to get started with out-of-state real estate investing:Research and Select a Market:Identify markets with strong economic fundamentals, job growth, population growth, and potential for real estate appreciation.Consider factors like rental demand, vacancy rates, and local landlord-tenant laws.

Hopefully someone from that market will chime in and make it easy for you!

My expertise lies in the vibrant market of Pinellas County, where I've honed my skills for over 7+ years.

Yes, the deposit is refundable only if we can not deliver free and clear marketable title.

The stock market has been on a tear this year… so if you could make 25% on your money in the stock market (as has been the case year to date), you are better off leaving your mortgages in place and investing the money in ETF’s, etc.  

@Karl KauperManayunk, East Falls, Roxborough, Fishtown, Northern Liberties, and University City are safe neighborhoods with diverse populations and strong rental markets.

I see virtually no chance that it does not outperform the general San Diego market which historically has outperformed 90%+ of markets.