The properties have appreciated more than that over the last few years due to inventory shortage and limited appreciation the previous several.

(Just make sure the mortgage you're willing to go for, you can cover with out renting it out at all.. that gives you full control and all the gravy).4) The flipside to #3 is that you rent short terms when you're not on the road.. it may not build equity but it would be a place you could call home until you have to hit the road again and the money you save on land taxes and maintenance could be placed in an account for a good sized down payment for the place you want.Main point is.... your "dream house" generally isn't an investment.. it's more like a forced savings plan that may appreciate in value.Real estate investing isn't every about buying your "dream house" because others will be living there.... dream homes and tenants don't work. 

@Bill Brandt  Appraisers are trying their hardest to keep this market suppressed and under control..  

If you trust them and feel like you can control his/her actions and keep them on your schedule over the phone might be a decent way and maybe you can go there once a week to assure yourself that everything is going OK. 

Things get ugly from there.In my early days, I used to accept multiple unrelated tenants as long as it didn't violate my occupancy limits of two adults per bedroom.

I realize I am giving limited info...and can give more if needed.

Is there anything you can think of that we might run into with this that would limit it as an investment?

Whats the price limit your looking at?

Life is too short to go crazy over stuff you can't control.

These will include (but not limited to) Taxes, Insurance, Utilities, HOA Fees, etc., that occurs during the Rehab period and up until the property is fully rented.