If you really want to invest in hard assets upon a sale that is an option and happens more frequently, but if you want to just take a more passive approach and are primarily motivated to lower your tax bill and get passive income you can also opt for a Delaware Statutory Trust (DST).  

Laws are updated frequently, and this information may not reflect the current law in your state.

Turnkey is probably the most frequently used method for investing out of state in buy and hold rentals, but the provider quality can vary widely.  

The fact remains though, that there are professional scam artists that frequent investment sites just to get a idea of who their next target might be ..

If it's a large 150+ unit building, you can definitely get away with it with frequent trips to monitor and check up.

I frequently see loan amounts of $50k-$75k, just be aware there is usually a pricing adjustment on lower loan amounts which will increase your rate a bit.

You'll get to know some of the frequent posters, connect with them and see what they are up to.

A simple point in the right direction from folks like yourself with thousands of posts can make a huge difference and teach folks how to solve the next 10 similarly frequently asked questions. 

I've always had an interest in AC but with the deadness and a casinos I was curious if it was ever worth it.

Now that the market has slowed FHA's are becoming far more frequent.