One buddy of mine split his time between local flips in Greensboro and buy-and-hold single-families in Memphis.

Locals know that and you can see that in DOM. 

Found this property through our local online foreclosure auction site.

Especially if you have a local handyman you can trust to take care of the property.

I would be self managing the property because I know the area well, have local connections to help out if in a pickle, and could get there in a day drive if need be. 

I recommend reviewing your local laws to understand the requirements involved.

You're best bet is to call a few brokers local to the area and see what they can come up with.It's definitely going to be a surplus or excess carrier that will do it and the premiums will be high. 

And the best way to start networking is here on BP and attending your local REIA meetings IMO.

Local banks typically offer lower interest rates but might require a solid track record and detailed financials.

In my experience, a property with multiple cottages and outbuildings can provide all kinds of creative strategies...some folks try short-term rentals or even specialized retreats if local regulations allow.