Anthony,I am in St.Pete as well and Congrats on the REI sucess! 

I am quite new and inexperienced when it comes to this type of investing and so I am trying to find my niche. 

That's a nice situation you're in, and I wouldn't touch the underlying 2.625% loan.

The project will most likely end up costing us $10-15K more than we originally budgeted, this comes from being new to all this and not knowing near what we know now!

If you're an out-of-state investor or are thinking about becoming one, what's the most important thing(s) for you when you're working through the process?

At this point I have read the How to Invest in Real Estate - Ultimate Beginner's Guide to Getting Started and I am currently reading Buy, Rehab, Rent, Refinance, Repeat as well as learning what I can from the BiggerPockets website.   

Have a salon with a water heater that was installed around three months ago, and the tenant has complained that it's having issues heating the water; I suspect it may be an electrical issue with the system. 

Can I set up my account with my property manager in my LLC name so that all income and expenses go through the partnership even if the LLC doesn't own the rental? 

Do I just give up?

Our house is one of the larger lake homes in the area so it caters to large groups.