While I have been working with a few local investors, I am always open to share in new deals and new projects with like minded people. 

Flipping California properties 200-500 acquisition price points with normalized net returns of 15% has allowed us to capture between 30k-75K per project average to around 52.5K per project.

The PM can make or break you--being remote, you will basically be at their mercy to deal with problematic tenants, find tenants and keep vacancy low, collect your money, find contractors... in short, every aspect of actually running the business. 

The value add will be mostly in increasing the projects occupancy from low 70s% to market occupancy (about 94% physical, 91-92% economic).

I feel my biggest weaknesses from not being "in the game" are estimating rents/expenses for my projections.

Recently a few friends have suggested that I invest some money into the basics such as new plumbing and some cosmetic work so that I can at least market it for a higher price, however, I am hesitant to do this as I am not sure if anyone will buy once the updates are completed.

I project that with the changes that I'd make, I may be able to lease the condo (3 bedroom, 3.5 bath, ~2000sf) at $225/night.

Hello,I have experience with building multi family projects, my partner is a developer/builder. 

Hello,I recently had a major plumbing project done on my multi-unit building.

Much of the following depends on your capabilities and cash position, but I've always given people the advice to buy their first home with a 'safe' outlook with regards to appreciation, and schools.I don't know where you are at in life - if you've already made your first purchase, etc - but so far so good on those that have taken my advice.I think later on in life, if someone so desires and/or has the knack, is when it's appropriate to get into what a lot of folks on these forums do - the more aggressive projects where there's more money to be made.This is a round about answer but yes it's possible.