If lack of sufficient funds is the issue I would find a partner or do the smaller project.

The lack of inventory is a real problem here.

Lack of vacuuming kills the carpet also.  

Granted, you will not likely be finding wholesale deals, and will need to contract out the work due to lack of time, so there are still trade offs.

Lack of control is a big negative in real estate investing but I totally get why you would invest out of state being in SD right now, us being so late in the cycle. 

I have tested several property management software packages and they all lack the ability to download banking/credit card transactions to balance your accounts. 

I do have a hesitation with out of state rentals, but again that may be due to a lack of education in the process, and a fear based on nothing.

PC has lost 25% of all [public school students, closed 4 schools and fired over 100 teachers due to lack of housing. 

I'd be real hesitant to buy MF in an area that doesn't have a good, constant influx of tenants (and as was mentioned, a lack of tenants you'd actually want in your properties).

Essentially I was a bit fooled by lipstick on a pig from the seller's but it's lessons learned and the numbers still seem to work out.I agree with you Anthony but I still work and live in RI so it's the easiest place for me to get started and the only reason I am okay with it is lack of housing, so low vacancy rates.