Also, unlike stocks, bonds and/or other forms of investment (except possibly commodities), real estate isn't just a piece of paper that has symbolic value based on people's perception of it - it has the unique benefit of being collateralized by an actual, tangible asset, namely property/land.

So you will want to make sure that you fully understand the different real estate cycles (physical and financial) and may wish to take a defensive posture in your choices.

Set yourself some goals of where you want to be physically and financially what you would be comfortable with. 

It might be physically distressing condtions like you just mentioned, but it could also be BAD tenant situations, financial issues, title issues, inheritance issues, etc.

Give them a choice, either pay electronically or physically drive to the bank every month.

Would you say a lot less stress is involved when you are investing passively versus physically owning the property and managing it on your own?

Did you ever physically visit the property before purchasing it?  

So I don't have a physical address for my LLC in Ohio but when i'm trying to apply for business banking accounts they all need an address.

Hard money lenders are commodities, local banks are partners.

And no one from the city ever came out to physically inspect the unit.