If you take @Kevin L. s proposition, my little 16 SFR business should have PM software, commercial office space, HR, Legal, Marketing and maybe a corporate jet and helicopter. 

Ask "what's the value proposition of this town? 

I don't know Temple - but would think if you have a solid viable proposition someone in the Temple - Waco area would fund it for you.

That's not a lossless proposition! 

Are there any online and/or national banks that are open to this very low risk proposition where I can find an interest rate under 4.5%? 

Getting investor's time on a holiday weekend is a very pricey proposition.

My initial study showed fair appreciation and healthy rental proposition.

Between due diligence, rezoning (if applicable), site plan approval, construction drawing approval, offsite easements, permits, etc. it is a lengthy and expensive proposition.

If you can afford to create a unit, how about: buy a different value-adding proposition?

For the out of state, non professional newbie, turn key can be a far less risker proposition than finding and renovating a property remotely when they don't have to time, resources, experience and connections it takes to do it.