How to rehab while out of state investing

[Samantha Soto]

We are investing out of state for the first time.  We are hoping to close on a 2bed home and then convert it to a 3 bedroom.  It's a newer home with a large loft area upstairs that could be turned into a 3rd bedroom.  We would not be able to rent it until the work is done.  I have two questions.

1) How long would something like this take and how much would it likely cost? Rough estimate.  

2) Since we are out of state, how do we make this happen?  Do we hire a property manager first, even though it won't be rent ready so there is someone to manage the work being done?  Do we hire a contractor first, get the work done, and then get a property manager in place?  

All answers are appreciated!  The BP community rocks!