They are generally looking for quality properties in major growth markets and strong sponsors. 

It really makes sense on commercial properties with acquisition price in excess of $500,000 and some to major rehab having been done.

So far the out of state aspect hasn't been an issue for me, then again I own two properties in the FAY area and have lived there the majority of my career (just moved to TX last summer).

It looks like the last major update was in the 90s.A lot of the things you've done don't necessarily create a 1:1 increase in value.

Just remember you should only use debt to increase your productivity.If you need to do something major like buy a vehicle in the name of your company, I'd start with the bank or credit union that you have your business accounts at.

Investors are better off losing the deal than getting into a situation where major repairs come as a surprise after the fact.Likewise, investors are ahead of the game when they do their due diligence on the contractors performing the rehab work.

Some folks also look really hard at cities with blue collar jobs that can’t outsourced overseas (large hospitals, distribution centers, major airports, etc). 

It is a big management company that has multiple buildings in more than 5 major cities in the U.S.

As far as I know, they do NOT let you go month-to-month.And that's just for one major metropolitan market ...

In my head, someone else would be paying the majority of my mortgage while I'm paying super cheap rent and could cover rent/mortgage in case of an emergency.