The term "reasonable" is going to be redefined.

Since this is a real estate forum, I'd just clarify what someone could buy the real estate for and what your lease terms would be.How many sq ft?

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Since you're focused on equity appreciation, consider long-term rentals in growth areas (e.g., Smyrna, Decatur, Marietta), new construction or turnkey rentals for lower maintenance, or small multifamily properties for stability.

My wife and I have done all the terms (short, mid, long term rentals) and have done some live in flips.

I’m newbie myself to REI , I own my my own home but I’m now very interested in buying an out of state long term rental.  

Google the term UBIT.Tom Wheelwright has a chapter on why you don't want to do this in his book Tax Free Wealth.

How much will be the interest rate, and terms of the loan. 

In terms of documentation, it’s just requesting the signed lease renewal.

I would use an experienced broker who can shop around and help you compare best terms on a National basis.