Lots of things to consider in terms of your overall budget, timeline, general liquidity, etc, but in my opinion, you really can't go wrong either way

Be sure to have proper reserves on the sideline incase rehabs go over budget or timelines get extended.

From my research the template seems to be a packet including: Developer Credentials Personal Statement (Available Upon Request) List of RE Owned Current Property packet with Pro-Forma, Rent Roll, Comps, Budget, Projected Returns - similar to an OM on most CRE packets.This was a good guide, Commercial real estate finance: A basic guide for an effective loan request package - Buffalo Business First (bizjournals.com)Commercial real estate finance: A basic guide for an effective loan request package - Buffalo Business First (bizjournals.com)

I have also realized that I won't be able to find a property in my budget within a few hours of driving distance from where we live.

Your budget or lack of budget will probably have the biggest impact on how you move forward. 

Budget for property condition and maintenance to attract tenants.

I'm wondering if there are any other tools or strategies you've found effective for sourcing off-market properties that might be more budget-friendly.I've already identified my target market, and I'm hoping to find a tool that can help me implement my cold calling and marketing strategy to start generating some quality leads.

I'd recommend working with a lender to get preapproved to really hone in on your budget, from there you can narrow down what types of homes and areas you can afford.

A fixer-upper can be a good deal but budget carefully.

Alternatively, you may need to factor in a larger repair budget to address the vacancy issue, effectively eliminating the risk.