Your post makes sense.
But here's why I am not so worried.
The far away US property is rented for three years, and my 11% return is AFTER all taxes, mgmt, and maintenance costs (but before my personal income tax.) I have seen the property, and talked to the next door neighbor about its history. But there will be no need for me to see it again, or to seek a tenant, or worry about maintenance, since the price I paid includes all those services. If I do not want to extend the contract beyond three years, there's a buyback guarantee at 3-years at my initial price - so I can walkaway with an 11% pretax return. It sounds too good to be true, but I have 'kicked the tires" extensively, and am convinced that the deal is what it says it is.
This leaves me with three properties in Manila. They are within easy walking distance of each other, and there is a reasonable possibility that I will move there, and live in one of the properties. That would leave me with two to manage myself. (I have owned as many as 10 properties at once in HK, and so owning three is not a big deal for me. The two rented properties should fund my living expenses, so I will not need to remit money into the country for living.)
The other consideration is that the properties are not finished. The first will complete later this year. The second completes in 2017, and the third in 2018. If the first property proves to be too great a burden, I can sell it, and I still have 2-3 years to figure out what to do with the others.