I prefer slightly more rural areas as that’s where I’m the most experienced so they will all have septics and/or wells.

Research the County Clerk / PVA office for LLC, and individual names that have a bunch of properties listed under their names good way to identify landlords w/ multiple properties.Just a couple of ways to find package deals. #2 is also a good way to find off market deals which is where you can save the most even if it's just buying a house direct from the owner w/o an agent.  

You get an initial call with an attorney and you never hear from that individual again.

I have $200k cash to deploy in the process, but would prefer to use that for a down payment on a home in the place where we’re moving (similar VHCOL area.)

And I think one of the WORST ways to go it is "find an agent who also invests" because there going to pump JUST what they do as being "the way", because it's what they do, so now your pigeon holing yourself to "A" persons personal preference.

Not getting at least a title search is off the wall crazy.Land contracts/trusts will work but they are passive trusts and individual liability will continue. 

My instincts tell me she doesn't NEED that much but would prefer.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

When a loan is brokered out, it often leads to uncertainty because the originator may not have all the details upfront, especially if the lender's preferences change or they're not familiar with recent updates.

Everyone has their own preference on how much reserves to keep.