I think that with a good manager in place out of town ownership is ok. I have several mobile home parks that are “turn key” (75% - 80% occupied) and it works great from 2,000 miles away. I have another park that is 2,000 miles away and is a turn around project. I currently have an onsite manager but have not achieved the results that I would like.
For a turn around project that you cannot go to once a week I would look at doing a joint venture with an “entrepreneur”. The entrepreneur would put a small amount of money into the deal but bring their sweat equity to the table in return for a piece of the ownership. Ernest and Steve have done this on many parks and it has worked beautifully.