So, I also require that :Monthly Rent + Monthly Debt Payments <= Gross MONTHLY Rent * 45%This is similar to how mortgage qualifications work by considering the applicants' debt loan along with their housing cost in relation to their income.

We're looking to gather info about likely cost, pitfalls, time required, considerations when obtaining financing, etc. 

If your goal is financial independence, then selecting an investment city is a straightforward process due to the income requirements for financial independence.

The lender had their own unique requirements. 

I also never had to worry about vacancies: if you own a desirable property, you will always have people lined up to rent from you.

It seems you and your husband have the ability to make a property more desirable and I would try to stay local for the same reasons you listed. 

It is my understanding that in Pennsylvania an escrow account is required for tenant security deposits.

Quote from @Tim Baldwin: @Nathan Gesner, that form should not be used, as it provides for 60 days notice to terminate a month-to-month tenancy, which FS 83.57 only requires 30 days.It was a ten-second search for an example.

Is this a conversion that will also require substantial renovations?

Lending to Entities Only: (Not required but think carefully.)