I have a few folks who occasionally send me leads on run-down houses in my mid-sized market. 

Occasionally you will need a new bathroom and/or kitchen so you will need to be setting some aside for that.You mentioned good HOA management.

I actually got my license to list an occasional rehab and to get MLS access, and it has been very helpful.

They stayed warm due to generating lots of heat internally and only heating the portions of the house being used {i.e. you would not heat the dining room or salon during the night}.With older properties we usually lay-out a plan to improve the building envelope first through air sealing (getting rid of drafts and convection within the wall cavities) and, where possible, insulation {not always straight forward ... many old brick buildings have limited insulation options due to the brick requiring heat transfer from inside to drive moisture from the brick}.Around here it is not uncommon to find an old mansion converted to multiple units - or the occasional purpose-built multi-unit - where the operating costs are 70 - 80% of the revenue and heating comprises 20 - 25% of the operating costs.  

Occasionally I drive by a property and, because it looks like it has some deferred maintenance, I'll consider selling the owner a letter expressing interest to purchase.  

. #3 to grow with a young engineering firm that has plenty of opportunity for growth and allows me to bring in my own engineering work through the real estate network that I've developed (flippers, developers, etc all need engineering services occasionally).I'm a big fan of having that W2 income that will help you qualify for loans, etc. but make sure that you don't lose focus of your long term goals, especially as you move forward in engineering.

Apart from your suggestion, I'm not sure there is any good way around that until I have a solid contact in most of the regions.I should also add that while there is occasionally a delicate balance that has to happen to avoid a conflict of interest, I prefer the listing broker/agent because they have the most information and are only 1 step removed from the seller.

But I am self managing a few rentals in Hawaii, so I still get the occasional call from tenants for small repairs.

There are some deals in Los Angeles, San Diego, and, occasionally, Orange County, but the best "bang for the buck" is the Inland Empire (Riverside and San Bernardino Counties) and up in the high desert areas of Victorville and Apple Valley.Hope this helps.

Heck,  my friends were always hanging-out but i was able to hang out occasionally because i Had to work.