Most experienced investors use a property manager - a good one will limit your risk exponentially and free you up to do other things. 

Just ensure you comply with your mortgage terms and local regulations.Financial Planning: With limited savings, it's critical to account for all potential costs, including maintenance and vacancies.

Southern New Hampshire with other investors and it's a chance to find great deals and meet intresting people and share investment ideas and experiences.please send me an email if interested and what Sunday you are available please.

Does anyone have any creative ideas on how to structure the financing so that we aren't floating a huge monthly payment before the business even opens? 

The idea of being a very long distance LL kind of freaks me out as well.

I think fixing it up and keeping it would be the best idea.

If you're thinking investing out of CA in Tahoe or Reno, NV area I'm happy to connect and share ideas. 

Ell,    I think we now hit on one of the factors for your frustrations, that you have a false idea of how the "business" is supposed to go. 

Investing in a brand new build seemed like a good idea, and I think it really is a better deal.

@Junior Soares interesting idea