My aim is to not only profit financially but to gain in the process some intangible assets, such as project management skills, getting to know reliable professionals (i.e. realtors, contractors, designers, etc.) for the long-term, getting acquainted with the local market's promises and pitfalls, and basically adding some entrepreneurial muscle going into my next project.My strategy is to go small: find a second-hand apartment in a good location (I don't have enough funds for a GREAT location...); no more than 60-70 m2 (that's about 650-750 f2) to, among other things, lower renovation costs; 1-2 bedrooms, street facing and with a lift (if said apartment is above the second floor); with good bones, i.e., needs only partial renovation.

I also recommend attending local REI networking groups and meetups to connect with fellow real estate investors.

However, I do manage for foreign investors and I (the PM) file all of their state and local taxes for them. 

One of my top recommendations is to attend a local real estate meetup event so you can connect in real life with various people who share your ambitions.

I would recommend that you join local meetups if you haven't already.

I am a local investor myself and a Realtor, if you want to bounce anything off me feel free to reach out.

Go to BUILD YOUR TEAM at the top of your screen and you can search for other MEMBERS or LOCAL MEETUPS.

You might want to seek out experienced local investors, who can point out local risk and help you avoid it.

The owner owns it free and clear and it's managed by a local property manager.

If you haven't put the best possible,  experienced people around you, I might suggest getting involved with your local real estate investment groups...many of these people will have experience and contacts that could help walk you through the steps required to make this project safe and profitable or to show you why it might be something to walk away from.