Ihave kept this ratio in my head since the first time and make all mydecisions using it, before I move into a market.

LOLLet's break this down, shall we.

I'll look into attending my local council/mayor meetings.

network, learn the area and execute. can be tough entry as a lot of people are ttrying to get into it. 

could be just like a regular deal, but if you're up for pitching, presenting and educating a seller on the tax and other advantages of seller financing, you just might turn it into a seller finance deal.

All the stuff you need to dig in to.

It's pretty easy to get suckered into a bad out of state deal because others want to make a quick buck, and you'll be left holding the bag. 

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

-Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process-Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.I would like to live in the property and my mother will live in her second property with her husband. 

If not, it's your choice but I would recommend looking into it.