A good point to take away from @Colleen F. is that depending on the type of deal and age of property you might need to spend a chunk of time there occasionally handling larger capital improvement projects.

You can find deals on MLS occasionally but generally the sellers there want retail and as an investor you don't buy retail.

If you want the condo as a place to visit occasionally, then that's very different than looking at it as a pure investment. 

Occasionally we revisit to negotiate. 

There are a couple of fellow that work at Camp Zama, they occasionally get together for meetings and touched base with me.

It does result in occasional short periods (typically 1 night but occasionally 2 nights) that a unit goes unrented because with the fixed fee our single night charge is not cheap.  

I have property management in place so most of my time is spent on paperwork, accounting, admin along with resolving occasional issues with PM.I spend 10-15 hours per week researching new properties and markets.

I think where the lines are blurred a little for me is that this is a friend of mine and we don't have anything "official", he's just an investor himself and we talk about real estate a lot... and he sends me houses sometimes.

I am considering having only occasional group showings, perhaps one per week?

But we all run into people who aren't willing to short-sale their property, and they would like to attempt a loan mod.I haven't done any loan mods, but the lady I work with does them occasionally, and charges $2500.Getting a loan mod and versus getting a short-sale approval is essentially the same amount of work.