That said, anywhere I'd be interested in buying some investment properties would involve a location away from my duty station.

Both tenants are on the lease (were a couple but now are separated due to serious issues involving the Police) and have stable jobs.

A lot depends on your risk tolerance, projects you do in a year, profit margin and any plans you have for yourself in the future.

Don't ever offer anyone a portion of the sales price of your property - offer a portion of the profits... that way the investor assumes some of the risk in return for more of the profits, but you aren't locked in to paying them a certain amount if you have to drop the price and get out of a bad deal

The longer your tree hangs over the fence, threatening your neighbour's house, the greater the risk to you (you will be liable for damages if you do not take timely action to remove the tree (threat)).In the end, your insurer will re-imburse you the agreed amount minus your deductible.  

There is the cost of money, cost of any rehab, cost of marketing and selling, and the compensation for their labor and risk. 

basic sub too.. deal as long as your personally well capitalized. this scenario probably works.its the undercapitalized buyer and the sterling credit seller that creates a huge risk for a seller and I don't recommend any seller to participate in that type of deal.but since the sellers credit is already bad there is real equity in the deal that will keep you in the deal and you sound like you have the wherewhithal to pull it off..

disclosure: not a lawyerI've seen and been involved with a number of deals where the LLC is in a different state than the property.  

I'm curious rent deflation risks I should assume given that I believe we are headed for a serious economic correction globally.Thanks!

Since you have some reservations with money/ risk how about partnering with someone who has cash?