Put a heavy emphasis on who you choose as an agent.

Opting for mid-grade materials will help stretch your budget.Structural/Mechanical: If the home needs a roof, HVAC, plumbing, or electrical work, that can take a big bite out of your $50k fast.

What is your finance mechanism and terms?  

I am also doing a live in full renovation for a long term rental where I am project managing mechanical items and doing a lot of the interior renovations myself. 

If millenial homeowners can't even change their home's air filters, or snake a toilet, or change the oil in their car, that's guaranteed future business for HVAC companies, plumbers, mechanics, and those places all need a place to conduct business in.The commercial mortgage pricing software I use has somewhere around 50 different asset classes in it.

There are never full photos of the mechanicals and basement and roof line so you will never have even a bare inkling of what the potential repairs will be.

My job is our sole income and I get relocated for projects frequently so any property would have to be managed remotely (willing to invest anywhere in the states).Given the our situation above and our long term goals, I feel best next steps would be a heavy emphasis on networking and deal analysis.

For example, I have a subject property that has 1682 SF on the main floor and 810 SF of finished basement (the majority of which is about 8 feet in height with the exception of some bulkheads to hide the mechanicals) and 271 of semi-finished basement that is a utility room basically (washer/dryer, freezer, hot water heater, furnace, some storage).

---------------------------------------The fact that you are looking at "up and coming" areas tells me that you put more emphasis on appreciation than on cash flow.

However, these properties generally have a lot of land improvements that qualify as well as certain portions of electrical, mechanical and plumbing that can qualify.