As a renovation lender, I suspect the main reasoning behind limiting renovation financing to contractor work is that the bank is more comfortable lending on a property that is more likely to have work done to professional standards and because there is a limit on the time you have to complete the project.

As far as checking that box on my P &S agreement,  I'd say most absentee landlords wouldn't be comfortable making that commitment until they were sure the deal is going to close.  

That will allow you to buy within driving distance and would most likely give you more comfort, than buying out of state.

On the other hand, you have to feel comfortable outsourcing all of the control to another party.

Each unit is about 750 sq feet, 1-2 bedrooms, while the family room and dining area total about 450 sq ft! 

My goal at the end would depend on the market, I would be comfortable renting or selling.  

I don't think I'd be comfortable with people entering alone.

Would not having a license in this case make potential sellers more comfortable?  

The main living room/dining area is open to a beautiful kitchen (12x14) and is about 16x10.

As one of my former bosses said, engineering won't make you wealthy but it will provide a comfortable living.