We are seeing great appreciation and stability in the city right now.

One option I have is to demo and rebuild the house using insurance money but it will take about a year and lot of involvement.

@Joe Gellenbeck Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

If you enjoy direct involvement and have time to manage, self-management can work.

That may or may not involve a trust. 

Find an older one who'd rather sit back and get the interest than the higher return higher involvement of another flip.

•Economic Stability – Look for areas with job diversity and population growth.Would love to hear more about which markets you’re leaning toward!

Regardless, you might find the copy & paste info below helpful:)--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Yes, I have been involved with several "mold" properties that still had high mold levels after remediation.  

Additionally, involve a real estate attorney to ensure the transaction aligns with legal requirements and protects both parties’ interests.