(Currently own two property)18-24 month Financial forecast:50k base + bonusesIncome from rent - $1850 - $850 (HOA, insurance, property taxes) = $1000 cash flow.35% debt-to-income25k-50k down paymentAgain, I am new so be critical and help me ask the right questions!

It's just now (IMHO) starting to reach critical mass although there are people that have been actively investing there for 12+ years that I know of. 

And, more importantly, have I overlooked any critical variables that factor into the decision?

While I have given tenants my number and speak with them directly about problems or issues during my inspections, I would go to great lengths to make sure that I do not undermine the PM's authority as it is critical to insuring my investment as I am so far away.  

Probably the most critical step where most people fail and one that people fail to invest the most effort (and budget).Step five: Study sales skills.

So its critical that you Vette the sponsor very carefully.I would postulate that something close to you in Vegas that gives you a decent rental return that you can watch over like a hawk will perform as well as something out of area that touts higher returns but your success or failure is 100% riding on PM...

@Jon Klaus Yes having a "team" around you that can deal with certain situations is critical in the business of Real Estate.

I think as an investor, while I want low bids, I also will question why the lower bidder is criticizing other bids. 

Any advice/constructive criticism is all greatly appreciated.

That role is a critical partner in your investment purchases.