Quote from @Michael Smythe: @Felicia Jenkins the shorter the term of the lease and the more tenants there are, the more challenges you'll face - especially if you plan to manage remotely.Who will be your boots on the ground, do showings, maintenance, etc.?

Challenges?

Rental Market Trends: Is this zip code trending positively for investors looking for cash flow, or should I expect stagnant rents and challenges with appreciation?

So an investor buys the property, you pay them a down payment for the lease option then pay rent for a year and after a year you have option to buy it.What makes this challenging is the lease option payment would probably need to be around 20% of the purchase price but it sounds likeyou do not have it. maybe moving is just not in the cards.

Market Fluctuations: The rental market can fluctuate, and there could be times when finding good tenants is more challenging.3.

People even do this in Vancouver though it must be extremely challenging.  

That said, I do this with a a few investors on rentals since I'm a Realtor and Property Manager where I am boots on the ground for purchase, rehab and lease-up, however we had a strong professional experience/life together before partnering.Lending will also be a consideration as most lenders are hesitant to lend to non-citizens given the foreclosure challenges it can pose.

Many buyers in this market are experiencing challenges. 

As others say, out of state investing is challenging.

As with most people starting out - having the 20%-30% equity to put in the deal is the challenge.