Unless you have time, desire and knowledge, hiring a property manager sounds like the right option.

To help newer investors get started and learn from other likeminded professionals. 

We also have a big demand for traveling medical professionals, etc.

Depends on the person, but as a professional real estate investor it would be a no brainer for me.

I learned how to maintain a home, work with real estate professionals, contractors, interview prospects, etc.

Luckily, Memphis has a strong network of real estate professionals who are used to working with out-of-state investors, so you'd have plenty of support.In terms of risk, I think buying in Memphis is a good way to manage that.

If you have no clue what you're doing, hire someone. 

We have a wide range of investors and RE professionals join us.

Even when we became work optional, we still (wife and I) took on another live in flip, got part time jobs, starting cleaning our STRs ourselves rather than hiring cleaners (we're going to stop doing that this summer).

Readers should seek professional advice.