And of course I would get a professional property management company to manage it for me.I've done extensive research on properties all over the US, and come to these conclusions: 1) It's really tough to find good cashflow opportunities in the northeast and west coast, 2) if you look in the south and midwest, however, there's a lot of smaller cities (population 50,000 - 200,000) that have tremendous cashflow opportunities.A couple of Qs:1) Does anyone have experience in selecting a city 1,000+ miles away from their home just to buy investment properties there?

Hm...Maybe I should file for an extension in order to get this figured out.  

Any ideas regarding the storage addition on side of home (side paneling matches) and looks like natural extension of home.

Insurance may go up a little also, but probably not as significantly as taxes.For me I think I have a bit more equity in my house as well and either way would work, but for you i'd consider if you would need to do the additional work regardless (assuming your not selling as is), and if you can make the numbers work assuming that some of the expenses will rise after you move out. based on the numbers you have there, you may be able to make a very small profit on that house if you don't need to finance the repairs, or can keep the costs down. though there is also the chance that if you didn't plan this out well or if the work is too extensive it could like Tabitha said quickly become a money pit. 

They are a great group of people with extensive knowledge and experience related to real estate.

but your extensive list is absolutely ridiculous -  honestly I don't see how you have anyone left to lease to -  some of my absolute best tenants have been single parents – I've had great tenants who were recently separated ...  

Not sure if it was on the first book, but on his second book cashflow quadrant he goes quite extensive on it.3) Understanding markets.

I'm a newbie investor with only one property under my belt, but I went through an extensive screening process before selecting my tenant and credit score was a huge part of that process.  

I would think that when investing in vacation rentals you need to research the market extensively.

If you have time extension contingencies in your contract, maybe opt for that for more time.