I would like to put down as little as possible to have more reserves and comfort for the big $350k rehab needed.When talking to the seller, he seems very tired of dealing with it and collecting cash door to door each month.

I enjoy being a landlord and collecting rent.

Are they collecting rent? 

I don't think breaking a lease affects their credit, but you should be collecting a late fee if their rent is late (again, what does your lease say?)

How does he only accept cash, but isn't around to collect it?

I don't bother collecting late fees anymore and just go with 14 day notices if I believe it makes sense.Reason? 

To be honest, I hope I never even see the property, just provide a good, safe living situation for the tenants and collect some solid cash flow each month.All that being said, anyone have any tips for out of state investors?

You too can be a lender and collect monthly payments from the borrower/landlord.

Run for president of the HOA , start collecting the dues , file foreclosure on those who dont pay .You could buy the whole place .

As a result, investors all flock to auctions and foreclosures in an attempt to purchase recession-proof, bottom-dollar deals which they can still turn into a successful investment. 2) Note strategies remain a solid investment.