Before beginning the process you should speak with an attorney to ensure your strictly adhering to the law.Identily a property that you would purchase and your target acquisition price and work out the ARV to show the potential profit spread. 

Example, a few buys I am doing now with clients are for Pyramiding equity, into faster appreciating markets with low supply to demand ratio, specific $ point for the SFH's and were deploying into townhomes BECAUSE we are targeting divorcing persons for tenants from the surrounding SFH neighborhoods who have 1-3 kids and a desire to remain in school district during divorce completion to allow for next home purchase.

Do you have any specific property types, or a price range you want to specifically target.

Going to the area is a great step, but you will still need members on your team that live and work in your target market.

So if you target newer properties, say 1980s and newere, you will have fewer issues with these items. 

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

As long as the portion you are using for investment meets your reinvestment target (in your case is at least worth $100K).You're right. 

Why are you targeting Hampton Roads area? 

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Once you form a plan and target the right market and property types you will be acquiring, you can start investigating the property management side of things as that will be determined by the former.