In fact, someone else has offered $1.5M or $50,000 more than me but because of my reputation, the seller preferred to deal with me.I put in $700,000 in renovation and increased the rents from $500-$550/unit to an average of $679 per unit.I sold the building 3 years later for $3.5 Million.Another "rule" that I violated and made money anyway is "Properties in bad areas don't appreciate".

You probably do buy out of state with a reputable hands on company like @Chris Clothier.

I suggest that you get a VA from reputable agencies.

Have your agent submit the offer, just for your own reputations sake.

I received an estimate from a reputable company but I need more estimates.

Do any of you know of reputable Homestyle Loan Lenders that service Puerto Rico?

I know nothing about Bob Diamond or his reputation but I have seen this conversation around getting into this business a few times here on the forums.

We have various risks that we have to mitigate -- e.g. reputational and legal.The pubs and instructions are usually helpful. 

It is the in-depth knowledge of the micro (neighborhood) market, the ability to connect with you as a buyer and weed through properties that are not a good fit, the knowledge of the sales/purchase process including reputable vendors (title, inspection, loan officers), and the dedication to customer service including consistent communication.

Nolo or other sites that seem reputable might be one place to start.