Managing repairs from a distance isn't much different than managing them close to home, you won't be doing the repairs, so you will be using a contractor that comes highly recommended and that you have vetted, through references.

Maybe read the BP book on long distance real estate investing.

@Jan HalaszYou raised a whole bunch of issues in one short post.  

Where almost anything decent is in the 600-700,000 ^ price range.Cons-high purchase price-garage needs repairs-most likley no positive cash flow 1st yearPros- House newly remodeled interior ( new kitchen, bathrooms, floors, roof, windows )-two blocks away from me ( convinient distance )-potential equity seems promising.- no rent control

It takes cash and until you have it there is no short cut to investing.

Short term there are hard money loans.

@Peter PadalinoUnfortunately it is part of the business for short term rentals in hot climates.

they call it a short pay off. 

I can also check for property managers, long term maintenance contractors and short term renovation contractors. 

Dave Short