The problem is that I live in California (which is cost prohibitive for me currently to "buy local") and must rely on remote management that is local to the investment area. 

Management costs would be yours not their current. 

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

I'm leaving out deductions for closing costs, maintenance, repairs etc.Say I buy a house for $300k, land value is $100k.

I am not a contractor, and have no experience estimating those costs. 

I have not been able to find anything to that effect in my review of Colorado's landlord/tenant law.TIA!!

All it takes is one inspector to be perticular about the measurement, and it could cost you your entire basement, or add the cost of trying to lower the slab After you completed your remodel, which means a lot of rework...One additional bit of information related to the City of Chicago Building code which I hope will help someone in a tight situation down the road.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

You are probably going to killed on costs there.

You'd pull 10% of THAT to cover your expenses, and your account would keep growing..Look at your opportunity cost / alternative investments...