Typically Charlotte is at the tip of the trends, and the rest of the country tends to follow the pattern that is set here first.

Would I be essentially be eliminating my biggest cost of living, housing?

I do aim for about a 10% cash on cash but with the market so tight and evaluating over a ten year hold I typically focus on an IRR of 20%.

I am not looking to become a flipper to say, just looking to learn more about it so i can better judge the properties i see needing a lot of work on the market that i typically stay away on making offers on. 

Typically, people end up will a loss on paper because of depreciation.

It will allow you to negotiate better terms (essentially lower %) with them, so you will be able to reduce the property mgmt fee expense indirectly. 

They won't lend the money out until you have the property and they will typically need 30 days to close the deal.

Whatever I finance will essentially be the check the bank would write back to me, while the equity will stay in the property, correct?

I know investing in real estate is never completely passive, but from those of you with experience in larger properties like this, what types of situations typically come up that the owner has to resolve or become involved in?

Do they typically ask for down payments at all?