If you are open to out of state investing, I'd look into Camden, NJ; Gary, IN; Marlborough, MA; Muncie, IN; and Saint Cloud, MN.

If we actually do get to that point those folks are REALLY going to learn a whole new definition of "struggling".people actually get it wrong. we are strong because our fundamental economy is so great in such a way that the conservative way of thinking thinks it's not good. the inflation, the strong demand for traveling, the high price of flying is an indication of a very strong economy.it's just people getting it wrong because some conservative ruler above the cloud out there thinks it's not good. but we are in economic expansion mode.

Tenant Cloud: A property management software application which has the function for your tenants to auto pay the company, which is then seamlessly funneled to you.2.

I used TENANT CLOUD.

Don't let emotions cloud your judgement.3.

.): Azibo, Avail, Innago, Apartments.com, Hemlane, Turbotenant, Rentredi, Tenant Cloud, eRentpayment, ZillowRental accounting tool: Azibo, Stessa, REIHub, Quickbooks (not specifically for rentals and pricier though)Rental banking: Azibo, Stessamove-in/move-out inspection: rentcheckAsk for a few demos to decide which one works best for you. 

I hear your concern about the local inventory so keep that on the back burner and don't let it cloud your judgement. :)Personally this seems like a great idea to me as long as it can make you money, expand your business and keep you living and working in an awesome area!

If you want to avoid this hassle and can sleep well under a cloud of uncertainty - then know that almost nobody considers random laborers to be your employees.

My first suggestion for you from a management perspective is to look into one of the cloud based property management software programs to help organize your endeavor.  

I'm about to go to five units and not exactly thrilled with the ease of use with tenant cloud.