@Luis Fernandez, the expenses are higher because you will have higher physical vacancy (longer time to fill), higher economic vacancy (bad debt, eviction), higher repairs (that demographic just doesn't take care of the property well and the properties in that area are usually older), higher management (property managers will charge more due to more work dealing with that demographic),  and higher contracting costs (if they even will go there, plumbers and electricians will charge more due to safety concerns).

But it is very difficult to thread the needle of intent as the creation of the units and physical rehab sound a lot more like the creation of inventory rather than selling an investment property that you held for productive use.Oh and how do you catch a tame rabbit?

Off topic, but If you end up there physically, and you're staying in a hotel, be sure to check out The "National house in" ... it's super old and neat. http://www.nationalhouseinn.com/history.htm

Florida seems to require you to have a physical business address that is large enough to park mobiles homes in order for you to get a dealer's license to sell mobile homes.

Not only am I am not available physically to go through the house with my dad, but due to the time difference having meetings, decision making, and seeing houses is a bit challenging.

I have heard that there are HUD "inspectors" that do 30 to 60 day spot checks to confirm that the borrower is physically occupying the property.

Only thing I can add are "hacks" are more physical, "hardening" I think someone else had called it..During rehab, I put a thicker layer of plywood at the bottom of sink cabinets because particle board doesn't handle drips well.  

The ability to buy and sell or buy and hold without having to physically see the house.This is pretty cool and I remember my first deal when I did a deal without ever seeing the house or meeting the seller in person.If you are looking to have more of a lifestyle business were you never to have to worry about going to houses in person, this could be a great fit for you.Also, If you like to travel and want your business to run from your phone and laptop, this could be the business model for you.Over the next few weeks, I will continue to write about some of the benefits, drawbacks and lessons I have learned from doing 90% of my business virtual.We are also looking for some passive partners who would be interested in getting involved in some of our rental deals in New York.

Do they physically go into the property or is it just a drive-by?

Many good investments exist all over but if you are not there physically the chances of you getting a good one go way way down.