That means, I have physical receipts in a folder and it is a fun game where I have to do my taxes before the ink fades off of them.  

This section is about the physical condition of the property and to a certain extent, the neighborhood.

Either only or physical location? 

I am interested in Online programs since I am not physically in Florida unless there is a class offering in New Jersey that I can take..as far as I know it is not an option.

Although I have had on two occasions found a drywall screw that penetrated a copper supply pipe during the normal course of construction (the pipes were not properly placed or protected), when the screws, after several years, corroded enough to spring a leak.Wax rings and supply line/stop valve replacements are also always going to be Owner responsibility, absent clear evidence of intentional physical damage.

The biggest thing I've seen is having a good rehab team because you're not physically there to watch the project.

I don't have many out of state connections and am wary of pulling the trigger on something that I couldn't physically drive to if needed.

@Buyan Thyagarajan To succeed here you're going to want to have at least 4 sales comps which have sold more recently, are closer in physical proximity, and/or are in someway considered more comparable than the comps used by this appraiser in his report(s). 

I've seen lots for sale here in Phoenix that are zoned "multifamily" but physically don't have room for multiple units.If everything looks good, consult with an Architect, Draftsperson, or Design-Builder.

Even if you're not going to do any of the physical work yourself and you have a general contractor and subs you feel you can trust, you will eliminate a lot of grief by knowing the price of materials and details of work required; that way, at least you can rest assured you're getting reasonable value for your dollar.