I just need to figure out how to purchase it.

In this case it might be more of a 20/65/15 to get what you need out of selling the 1st. 

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

There is a great group of members on here to connect with.

It is surprisingly easy to manage out of state and if you want more tips on how, check out Bigger Pockets book "30 Day Stay" on Mid Term Rentals. 

I’m from the NYC area, but the prices here are out of my budget. 

@Serge Hounkponou Recommend you first figure out the property Class you want 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?

Most rental properties in Milwaukee are old and run down, our product stands out. 

Do you have a significant other who could take out the loan?

Buyer is a newly formed LLC out of Houston, so even farther away.