So far the biggest challenges for out of state investments has been finding reliable contractors or help to complete projects on time and under budget.

I've consistently written about the forces of nature and her current and future effects on the real estate market (even while often being ridiculed and politicized on this very site for it) regardless: I personally moved and invested in coastal Oregon in 2018 from Venice Beach Los Angeles partly as a result of the trajectory of climate and have assisted several clients that specifically purchased on the Oregon Coast for their own 'climate havens,' investment and future retirement homes. 

There are specific rules on when rent increases can be submitted for review, but there are no guarantees when they will respond.

However, after accounting for long-term capital gains tax and other expenses, you would be left with $150k which is important to budget and account for.

I've been investing in Albuquerque for 10 years, and I can give you more advice if you are more specific about your goals.Jjens

In PA you can build an entire 2000sqft home for that budget, and PA is not cheap. 

Quote from @Jack Townsend: I heard David Greene mention a loan product that only requires a 10% down payment on the purchase price and 10% of the rehab budget.

Specifically:1.

Also would you focus on a specific target market you are familiar with and know the comps like the back of your hand and have boots on the ground ?

Eliminate debt, establish a budget, and save.