Up here in VT we use attorney's to close, so they would usually handle all of the paperwork.Good luck and welcome to BP!

Usually minor things aren't going to get you much but major repair items will, like the roof needs replaced or it has cracked rafters or floor joists. 

I usually travel to Austin and stay with family as well as spend a significant amount of time looking at and making repairs on my two properties.

The term "distressed" is relevant to both the physical condition of the property, as well as the condition of the title.I do primarily REO properties, usually I am directly with the financial institution that foreclosed, but sometimes I work through a processor or another agent, depending on the deal.Offer responses will sometimes take 2-3 weeks.

Put in the offer first with an inspection clause which states that you have X amount of days (usually 5 or 10 business days) to have it inspected and back out or renegotiate based on the inspection. 

Something that doesn't require extensive renovating is usually wiser for your first rental or two.

Financial:  moderate / but can be heavyAt a minimum you should plan on paying at least $200 depending on how active you are.Annual renewals (usually 2 or 4 year renewals) are about $200.MLS fees are usually $30-$50 / Mo, mine is $35.Local association ranges - mine is $75 / mo. paid annuallyNAR is $10 / mo. paid annually.CE can be free, or can be a cost. 

There have been some unscrupulous potential buyers who have tried to go behind our back but usually, we've built such a strong relationship with the Sellers and they know and trust us to the point where they actually come and tell us what's going on.

Usually if you just clean them with TSP, it will remove the smoke stains.

I usually only watch multi-family units.