I suggest you understand the 50% rule.  

Esprit@Matthew Drouin makes some good suggestions and things to think about.

If you get the conventional mortgage and it records as a first lien that’s simple every day deal.

Someone suggested this.I appreciate any input on this.

The house is a simple two bed one bath with a garage and a fenced in backyard.

What guarantees they'll be made whole in simple terms? 

Honestly, if you are out of state you should probably be hiring property management regardless of troublesome tenants in the present.i don't know how experienced you are as an investor or if this market you're buying in is one due for exceptional appreciation but realistically $160/mon cashflow is not a move i would suggest in the short term considering you're a world away and any number of things could go wrong that would wipe out a years worth of cashflow overnight. 

Let's keep this as simple as possible....Ex 1: 3 single-family rentals, value $300-400 each.

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

You can usually find some events by doing a simple google search.