However, investing locally has become increasingly unfeasible and unrealistic due to the high costs.

Try talking to local banks who want to do business with you.

Hey, I am an in the Kansas City area looking to meet and connect with local investors.  

A local property manager will make this much easier and handle the visits for you.Single-family homes can still do well, even with more apartments popping up, as they cater to tenants who want privacy and space.

I'll just add a local perspective: North Atlanta ie city, Sandy Springs, or Alpharetta?

My thinking immediately turned to researching local rental costs per square foot to determine income potential with triple the current square footage.

Consult a CPA or real estate attorney to understand tax implications, build a reserve fund for unexpected costs, and research local regulations to ensure a smooth and profitable transition into rental property ownership.Good luck!

STRs demand more time even though alot of things can be automated. you will managing cleaners, damage, guest experience, supplies, and more.4) Use AirDNA to see what an estimate of revenue can be, check Airbnb in your local neighborhood to see if anyone else if getting higher rates, and use BiggerPockets STR calculator to see what common expenses you may be forgetting.

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

Looking forward to hearing from local investors in the area!