I own a few low end rentals, but we turn down opportunities weekly to manage these homes for out of state investors.  

In other words the $3k/month would not matter if you turn out to be making a 3% cap rate in a 9% cap market.Next, how is spending $135k going to improve your gross income from $5k to $9k and how long will that take?

It's essentially a 3-5 yr hold and turn, reinvest in another value add opportunity.

Once I won it I had 48 hours to get back to seller with signed contract and this was not nearly enough to get a contractor in even if I paid him $350.

this is something I have done with post-tax monies but am no turning my attention to retirement.so my questions are as follows:1.  

@Ramon Olmos, 550,000 exchanges in 2005, 100,000 exchanges in 2008.  2/3rds of realtors turned over in the last 10 years.  

There are some petroleum lines underground signs near the home, I want to know what the easements are.

It may turn out to be one more source that can help even if it is not a mainstay for your business.Allen Fletcher

I wouldn't settle on the front-end if you're investing from overseas... too many variables that will turn this one sour for you quickly. 

Again have it spelled out in the P&S and a separate agreement signed at closing.