It does outline what is required, and even if you follow it to the "T" there are still risks.

@Michael PlanteYes I understand, I'm saying if it's a good tenant instead of kicking them out (Probably 1-2 months Vacancy) he probably should outline his rules on what's acceptable. 

For various reasons, I’m going to attempt to purchase my first investment property out of state.In doing my research, I came across the book by David Green called Long Distance Real Estate Investing, where he outlines his process.

Outline where you want to be in five years.

I’m just looking for something that outlines how repairs are handled if over the reserve budget, where the funds are kept, what would happen if one partner wanted out etc.

And second I think you need to really characterize your risk/return for both approaches you've outlined and see how that fits your personal appetite for risk.

As Nathan mentioned, I would make sure you have created a rental criteria that outlines income and credit requirements as well as how you will treat those with a criminal background or eviction history.

I have somewhat of a game plan and outline of what I'm wanting to do.

@Brandon Turner has an eBook named "Seven Years to Seven Figures" that outlines a great foundation of what a future scenario might look like. 

How do you outline rules and policies?