If your goal is to buy and hold for a long time, you need to consider factors other than just cash flow, like appreciation. 

You also have to consider the down time of not renting while you renovate and likely having to fly in several times to check on work, meed contractors, pick up supplies.

I'm curious if you have any suggestions on lending options that I may not have found or approaches that I should consider.

I am not familiar with Horn Lake and the economic conditions you mentioned as a CON, but if you already have those concerns, on top of a large rehab, which typically don't shrink as you get started, and being OOS and needing a PM team, you may want to consider other options as you get started. 

Would an appraiser consider a similar property that was sold awhile back or something that is further but within a more recent time? 

Don't hesitate to seek advice from experienced professionals and consider joining real estate forums or groups to connect with others on a similar path.

Then you can consider researching and finding something that meets your needs better. 

I've never done that but it's a suggestion you could consider.

You should consider skipping college and getting your real estate license if you are super serious about the industry!

If you need financing it is basically considered a construction bail out but it doable.