Long distance BRRRRing is a huge undertaking so be cautious and make sure you have a solid team on location to help you along the way.

I recognize it doesnt have huge margins in it but I don't know how to hit 2% in pierce county and especially on a property that has a great desirable location.

I think it is going to depend on your specific area, the midwest is fairly large and prices will vary by location. 

start...I couldn't locate you.As @Paul Allen mentioned when your ready to file your taxes with your Schedule C and you have no fictitious business name do not ignore the letters you receive from the FTB and the I.R.S.

Based on pictures we already love the property and location and the ideas we have for it.

@Matt Williams Exposed brick is a hot selling feature right now in older properties...get the fireplace cleaned up, seal it, and showcase it...I'd only consider eliminating it if there is a structural issue......where is your property located?

They are saying based on comparable sales (which there aren't many in this location) it is worth $425k - based on gross rent multiplier is it worth $528k.

We are located in Fairfax, VA (22030) and often host a monthly meetup. https://www.biggerpockets.com/forums/521-events-and-happenings

I am currently located in Miami, so I'm a ways away.

The townhouse I own is in a beautiful newer gated community in a great location with great pool, spa, picnic/bbq area, and $140 per month dues which I think is totally reasonable.