Only difference in the last few years is I have a virtual bookkeeping company and a property manager.

They will generally have stories on large MF projects.

Please make adequate allowance for vacancy, management, property taxes, insurance, maintenance and cap ex. 

My wife has zero interest in real estate and is not involved in the acquisition or management of real estate in any way.  

I have spent the last 8 years co-managing a small remodeling LLC, and have an primary background in project management, client coordination and admin communications/support. 

Hi Diana,I know how tough it can be to manage remote real estate investments.

Establish a good relationship with a property management law attorney.

I overheard a conversation where someone stated that if a developer is the GC of their own project they must be a licensed contractor.

There will always be more risk with something vacant, you're probably going to be counting on one person as your "eyes" on the project (or at least for "security", overall)- and the more hands on/ closer they live / able to visit site frequently, the better. whether that is your gc, a project or property manager, or your handyman/even yard maintenance guy, neighboring teenager, or whoever- this person is key

The key is buying properties significantly below market value, keeping costs low through self-management and maintenance skills, and taking a long-term view to build wealth through forced appreciation and equity capture over time.