out of state, sight unseen, first property = high risk

It's what I plan to start with and it's highly recommended for newbies like us. 

The cost of entry is low while the cash flow is high.

I live in the San Francisco Bay Area, have a solid W2 job and a high credit score, and want to invest in SFH or a duplex in San Antonio or Raleigh (ok with neighboring cities). 

However: Given we are accountants, we cannot promote our services on BP as its against the rules.To help in your search:be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise.

We've backfilled plenty of pizza huts, boston markets, etc that have single tenant free standing buildings and generally these buildings are highly desirable for other uses as well, we are often shopping for a medical user for instance.2) There is usually another restaurant operator looking to backfill a space and not have the buildout cost associated with a shell space.like with all things in real estate its a spectrum, and what you are looking for in a return, flexibility, and budget will generally narrow what is feasible for you and your search.have you given any thought to the above (ie returns, budgets, other uses)?

This calculation can take that expected growth and growth in cash flows combined into one metric to look at the investment.Personally, I don't really look at IRR because it is a highly manipulated metric.

High crime + low income = Poor tenants to choose from.  

You will be less loanable to banks, it is high risk/high reward, and you will most likely be working just as many hours if not more vs your W2. 

My vision is broader: I'm investing in high-quality renovations to offer more comfortable, healthy, and affordable living spaces.