I would also continually watch the market in your target area to get a better feel for what is selling, what features are important, and how long houses are sitting on the market. 

Personally I am not sure what investing out of state looks like, and I would truly feel incredulous if I could get help from any of you amazing friends here on bigger pockets!

You will also get a taste of property management and learn the ropes as far as tenant relations, contracts and screening.Another excellent strategy that I feel is the most powerful tool you can use in today's market is to purchase this home with an Assumable Loan! 

To me it feels like most neighborhoods here are dilapidated, cheap with little demand.

Feel free to reach out! 

How would you feel if the "skilled"  handyman mis-wires something and there is a fire? 

I feel like that’s the minimum anyone should go with a STR, for sure.  

I don’t believe bringing in friends and family or any other equity source will help.

In my market this gives me the same cash flow return as buying more units, just not the added benefit of having more buildings to build future wealth but I feel it’s a smarter play right now given my financial situation.

People OFTEN feel lying is a good option because its "easier".