For example it is my understanding that Big Bear allows it but whoever is managing the property has to live within 1 hour of the property. 

We live in Texas, a community property state, and are 50/50 owners.

I live in SW Washington.

I'd recommend house-hacking a duplex or triplex if possible to help limit your living expenses.

Many DSCR programs require an investor to have a mortgage history- there are some DSCR mortgage programs that will work with investors who are renting- some refer to them as first time home buyers (FTHBs)- DSCR loans are only for investment properties where the owner isn't living there. 

Are you planning to rent it out or live in it?

I live in an area where rent appreciate quite a bit so it will always make money long term. 

It isn't a big job but I don't want things to go south so I stay in it.Of course I practically live on this forum so I pass along any pertinent info I find as well as answer questions.

@Sharad ReddyI used to live in Davis and the area has had strong appreciation and consistent demand with the university and primary schools. 

If it is a cold day, a warm house with a fire live in the fireplace and the smell of hot chocolate appraises for more.  6.