I handful out of state properties, but I typically work harder and find  properties where I am physically located simply for the fact that I have the highest chance of working deals with sellers if I can meet them in person. 

At around 40 I wasn't able to pass the flight physicals easily anymore and had to make a choice at 41 to either retire or, as I call it "fly a desk".

Property is nice, physically appealing in the sense that there isn’t any major repairs to be done ( to the naked eye ).

At less than 50c a month per number that is a cheap way to have each business separated, each having its own voicemail but all arriving to the same physical phone.

It became abundantly clear that I craved a venture that would transcend generations, one not bound by the constraints of daily physical presence.

This would be the potential scope of work: Create a custom listing for each of your AirBnb listingsPhotography + Photo editingCreate custom rule handbook for guestsCreate custom (physical) guest welcome guidebooks with local restaurant recommendations, attractions, directions, etc.

So things that are red flags for me may be fine for someone more aggressive.1) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where you think we are in the real estate cycles (financial and physical market cycles)b) Then only then pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

Were you planning on purchasing without physically seeing the property?  

I have maybe another 10-15 years maximum in which I can do all of this stuff myself, at which point I will probably sell my entire portfolio unless something dramatic happens with the willingness of anyone to come out and do any kind of manual/physical labor.

For a single private placement, a custodial account should be sufficient and cost effective.