Although i believe if you're completely new and plan on contracting out most of the work, its more important to study the areas, network and vet your people than to worry about the WHERE - theres certainly upsides for focussing solely on markets outside your own, its certainly doable and a lot of people do it, even (or maybe especially) when your starting out, the added risk can be minimized and downsides you cant eliminate may be worth the upsides.

I just visited the city to study the neighborhoods and view some properties.

I live out of state and only go in person every year or so, again, mostly to maintain the relationship but also just because it seems the wise thing to do.

While I don't feel that is 100% required otherwise, I think it's a good idea to maintain a certain level of maintenance to show you are attentive and taking care of the property.

I knew this flip was a good deal just from spending so much time studying my market before I decided to jump in that and living in the are my entire life played a big part as well.

This time I will Research, Study, Learn, Network before jumping in. 

I can get money from anyone, but not everyone can find, negotiate, rehab on budget, rent and manage / maintain a profitable rental property.

Pros: She gets fast cash to retire and the peace of mind with lower risk since we wouldn't be trying to maintain/rent the property.

Owning your own, you can learn some valuable things such as work involved to maintain, things about banks and values, what goes into ownership, etc.

You certainly don't want to pay for income you plan to trim off:)If you decide to take on this deal, make sure to do a demand study for the sale of the homes before you proceed.