At the end of the day you spent a lot more time and effort and MAYBE came out a little bit lower than 61k, but most likely went over budget.By no means am I saying this is impossible, but on these smaller deals things can go wrong quickly.  

Plus, it'll be long distance as your first deal (which isn't impossible, and I know people who do it), but it seems more people would rather something close for their first deal, such as myself.If I were you, just as a suggestion, I'd take that $50k and attempt to househack in your current area, if you're not doing so already.

It is near impossible to get anything done in this county.

He accepts my offer, but I soon find out he has 2 sisters who have no idea about this deal or may be impossible to find to get them to agree to this deal.

Some may not apply to you, some may.It would be difficult, but not impossible to get one insurance policy that covers you and your LLC (depending on how FL works).

Based on the info and additional comments provided, it is impossible to assess until you get the rest of the info locked down, i.e. see the inside and determine true scope of work and costs, confirm resale value (based on comps and don’t use the best case scenario), and how you will fund it.Funding options are endless, hard money combined with your capital, private money, money partner, or, if this home is really in perfect resale condition, close on it with transactional funding, list on the market and sell immediately.To assess the risk based on the info provided is not yet possible.

California is pretty pricey, OOS investing isn't impossible to do where you are looking.

There were a ton of city owned lots that were going for cheap so selling was impossible. 

If you're pulling down a teacher's salary with lots of free time, as I was when I got into buying these properties, the choice to turn into a handyman landlord in these properties, switch jobs, isn't impossibly difficult.

The problem I always ran into was there is almost zero appreciation, the rents can't be increased more than a few dollars a year and it is almost impossible to evict a tenant in less than 6 months.