Personally, I rent out properties that I personally would live in- and I carefully screen my tenants.

I live and invest in Idaho and there are a couple laws on the books that make it landlord friendly and keep me investing here;-HOAs may not regulate property use anywhere in the state.

Does anyone know if a tenant living in a non-conforming basement unit can get renter's insurance?

Lots of newbies that have come onto the scene in the last 3-4 years during an extreme bull market, who have never lived through a bear market.

Living in Raleigh, the reputation of those areas isn't always the best.

There will always be more risk with something vacant, you're probably going to be counting on one person as your "eyes" on the project (or at least for "security", overall)- and the more hands on/ closer they live / able to visit site frequently, the better. whether that is your gc, a project or property manager, or your handyman/even yard maintenance guy, neighboring teenager, or whoever- this person is key

I "flipped" the house I used to live in (and rent rooms out of), and currently run an Airbnb in my second house. 

To my knowledge though, I would need a 20% down payment in order to avoid having to live in the property.

To pass the exam I recommend you take "Real Estate Trainers" Live Crash course.

Where do you want to live?