You can make good money in a boring business by following the advice of what has already worked (for both tenant, owner, and PM) and doing things better than 70% of the market.

Many people get bored after a week or two and won't want to stay longer as there are hardly any cities and not much happening and there's so much jungle you can look at in a day (it's a great place for quiet retirees).

But I recommend you study it much more extensively before diving in. 

One who is active still and recently did a case study write up like this is Don Konipol, the other pops on every now and again and did a BP episode many years ago Aaron Mazzrillo so search those two names and read some threads.A more likely scenario is not what you mentioned as the ever growing note/value deal, at least not as outlined.

Once you do get buy something, be sure to look at a cost segregation study for the property.  

Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

I would study AvantStay and some of their properties in your area or NC generally.

Would love to connect with people who can give me advice on what to look for or where to study for starting out.

Study the market.

Via a study I done comparing the Preforeclosure leads that PS provided with county records for over 167 counties across TX, CA and FL.