Hi Dave,  You need a property manager that is firm but fair and a handyman that charges a reasonable rate. 

Zestimate is $315K.Cash flow won't be great for me since I will be taking an expensive loan at 7%.Expenses would be: mortgage+taxes+home insurance= $1300Management fee of $100 will be waived for the first year.There are renters in the place with a contract till June 2019 and they pay $1635.What I'm considering is that:Get the place, have little to no cash flow and when the renters contract ends in June 2019 have them out and renovate the place and:1. rent it out for more or2. if the market is higher/ home value is higher after renovation, sell for a profit.What do you think?

Not entirely sure if flying out specifically for property managers would be too much assuming one can successfully interview management firms over the phone with a call or two rather than needing to in person.  

Unfortunately we have our own expenses such as bank payments, taxes, insurance and maintenance that require us to rent the apartment at the set price.

You can buy a home to live in using FHA loan, low downpayment with mortgage insurance.

  ( For example Prop Mgmt or providing insurance).

These include mortgage payments, taxes, insurance, utilities, and HOA fees, etc. that occurs during the Rehab period and up until the property is fully rented.Are you sure you can get the property Refinance in only 2 months after purchase?  

Although my realtor was mediocre, she did give a great insurance recommendation. 

Half of the questions I could research (asking my insurance agent for a health insurance quote, for example), while the remaining questions I concluded could only be answered after I took the plunge.

Watch for hail Damage and insurance costs.Don’t spend to much time on things like forming llcs or trying to think of the best strategy.