I know this is an old thread, but some others may find the point of the thread useful, as i did.
I had a similar situation as OP where i needed to do a REMOTE netinstall to a RB 1200 that failed after updating from (routerboot 3.10 ) 6.11 to 6.19 , im not sure why this minor updated totally wiped my RB1200 (it never came back after reboot for update) and here is what the serial connection shows its error as:
setting up elf image... OK
jumping to kernel code
ERROR: no system package found!
Kernel panic - not syncing: Attempted to kill init!
So i had a RB433 shipped to the data center where the the problem RB 1200 is, but before i setup a test setup at my office to do the remote netinstall and the remote netinstall scenario / setup, here is what i did:
2 mikrotiks, both ROS 6.X:
SSTP tunnel between the two RBs (any tunnel or link that passes layer 3 IP packets should work for EOIP)
EOIP tunnel between the two RBs
created a bridge on the master RB and added the EOIP tunnel and ETH 10
Created a bridge on the slave/remote RB and added the EOIP tunnel and ETH 3,
connected my windows 7 laptop with Netinstall to ETH 10 of the Master RB, set the laptops Ethernet port to static IP 192.168.1.2 , and ran netinstall and enabled PXE with a client IP of 192.168.1.3 (the ip it will give to the rb set to boot via Ethernet).
connected the problem/test RBs ETH 1 port to ETH 3 of the slave/remote RB and via serial set it to boot "from Ethernet 1st then nand"
ran netinstall on the laptop and rebooted the problem RB connected to eth3...and via netinstall , installed ROS perfectly!
so you CAN do netinstall via a EOIP tunnel, im not sure what the OPs problem or issue was, but im sure there are others out there that may need to do a remote netinstall if one of their RBs wacks out or screws up during an upgrade and needs a manual ROS re-install.
so now im shipping a RB433 pre-configured to the data-center (1200 miles away) that has my broken RB1200 so i can do this remote netinstall...it should work based upon my in office testing!
:beep :beep :beep