You can also look into building a rental portfolio which is a little less hands off compared to flipping.

The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment. 

Can they be more hands-off compared to other types of businesses?

I would confirm by seeing the product then going out and checking comparables in that market that have sold. 

., (3) gives you viable options and explains the pros and cons of each option and (4) you enjoy interacting with - this should be a relationship, not a transaction.Once you find a few lenders like this (and you should have relationships with more than one), then you can start comparing rates and fees.

The bank does still ask for my tax returns each year and with each deal and my adjusted gross income last year was comparative to your stated cash flow from your rentals.

Are there any specific areas that are reasonably priced compared to the cities? 

I know it can feel like uncharted waters at first.

My cost wont necessarily be the same or comparable as I GC my own projects and have trade skills.

I know some might disagree.The challenge is if someone applies and meets all your criteria and you reject them, I would hate for you to end up in some legal hot water.