What will be the best approach to purchasing this unit, from a bank or a mortgage broker or will a bank give me a loan if I don't live in this property. 

However, you can become financially independent at a young age if you use a methodical approach.

I understand the importance of knowing specific areas well, as this would make my life easier, but I also think that with the technology we have nowadays (maps, street view, market analysis, etc), some research and a rigorous approach, this is something that could produce very interesting results.I'd like to know your thoughts, investors!

Am i approaching it wrong?

I've seen some junky props that passed S8 in NJ, NY, CT and MA and for sure they weren't fully deleaded.It doesn't need to be brought down to bare wood, there are different techniques for different components.

Obviously my approach is just my view and you should decide what is best for you.  

Best time to approach a bank is when they sell out to another bank, change of management or when a new one is going to open.

You are elephant hunting with a BB gun, you need to get out of the jungle and learn real estate.Your questions are so vague they can't be answered without writing several books.Land is always valued with the market approach unless it yields income without improvements, then the income approach may also be considered. :)

Many prospective Buyers are looking at sale comps and not income approach on these types of properties when making purchases.

I'll take the opposite approach....