For example, a tenant lease after they move out, insurance policies, purchase/sale paperwork, etc (not an exhaustive list in the slightest).I have suddenly become a landlord.

Exhaust all your options in the local area before you go OOS and if you do decide to go OOS route, you should be able to scale to 3 to five units in next couple of years..

While this was rewarding work and I loved seeing things progressively come together, it was exhausting to say the least.

Hey Al, Not sure if this is exactly what you are looking for but here are a few basic details you will want to get when evaluating a potential investment: List PriceCurrent RentsMarket RentsRepairs NeededRepair CostAfter Repair Value (use comparable sales to support this)Age of Roof, HVAC, Water HeaterNot an exhaustive list but should get you started

Have you exhausted free and low cost learning opportunities in real estate?

@Vince RodriguezAgreed, the OP should try to get the lowest rate possible, but that's not always Fannie/Freddie right now and it depends on their situation.I am always on the side of exhausting conventional loans first, but to say whatever is over 3.875% is a scam is not accurate.

2) Long/exhaustive lease vs. brief/basic.  

We have considered managing ourselves, but we would live 2.5 hours from where we are looking and driving that weekly more than a couple times will get exhausting.

At this point the banks are much more flexible with prices because they have exhausted all their options to recover their money.

The time for regulatory bodies is after you’ve exhausted good faith.