.- Owning from afar will likely necessitate the use of PM. 

Walgreens/CVS are some of the priciest NNN leased deals with cap rates from 4.50 - 5.75% depending on the location , necessitating either a large 1031-exchange or big capital outlay to acquire these assets.

If you are painting, simply to change the look, color, theme, etc, it falls into the category, but if it is necessitated, because of structural damage (for example, from water damage, etc), it's a far different scenario!

Rumor has it the Homestyle loan will accept detached ADUs--no longer necessitating the charade of "addition."

Do 5 properties necessitate five closings with their respective closing costs?

There is no statutory requirement necessitating the use of one contract form versus another. 

Since it needs a lot of work, it is usually difficult to get major work done while Tenants are in there.Also, You probably would want to get a lead certificate to protect yourself in this state, and that might necessitate them moving out if you need any type of scraping and repainting-otherwise might be a big liability with lead particles flying everywhere.I would research these 2 issues to protect yourself.

Our PM usually has someone moving in within days of the prior tenant moving out, unless there are unexpected time-consuming repairs that are necessitated by the tenant's damage.  

That's going to necessitate 3 exchanges.  

., few situations should necessitate my immediate presence as a landlord.