No bank will touch this.Once you find a private lender who I will assume will charge you north of 7% rate, You will need a business lawyer to prepare all paperwork to structure this to make sure that everyone interest is protected.

What about special assessments from POA?

Otherwise you should be prepared to pay a professional for things you cannot legally or logically do on your own. 

Would I have to work with a realtor or someone who specializes in these builds?

For the past 4 years I have also owned an interior design firm that specializes in STR design and full service interior design. 

I’m a real estate agent based in South Carolina, where I specialize in off-market deals and work closely with investors.

Think about how can you make your property a no brainer when having to decide between an apartment and a home. 2-Contact homeowners who are not in your close proximity, so they do not feel threatened, and ask them what are they seeing in the market, and how are they are adjusting (most likely you are not the only one who is experiencing this). 3-  If you decide to work with a real estate agent, use one that works with rentals, and better yet, someone who specializes in property management as well, because they will help you weed out  bad applicants. 4- This last one I do not have experience with, but I would definitely try it if my rental was near a hospital: Partner with a company that finds housing for traveling nurses.

@Robby SanchezI recommend finding an accountant who specializes in real estate taxation and tax planning.

I'd also like to consider Peoria, IL but I understand that IL is not as landlord friendly as the other states I mentioned.What are 3 words of wisdom you'd offer in terms of preparing to be an Out of State investor?

It’s all about managing those risks and being prepared for the unexpected!