I just choose to live where I invest. 

But if I were you, I would research some reputable PM companies in the area if you feel overwhelmed by the process and go from there.

When out of state buyers choose a provider, they should choose one that does not paint a rosy picture of everything, & sets realistic expectations.

And some platforms have more of a reputation for this than others.In my opinion the first thing to start with is at the platform level (or fund level if you're like me and prefer them to the platforms), and look at the uncured default rate.

@Daniel Livermore find a few local flippers who have great reputations, intro yourself and see if they can mentor you, you can intern or you can invest, so you can shadow them and learn the process from a great source. 

Depends on the area and what package you choose.

You'll have a lot of prospective tenants to choose from. 

Feel free to use numbers as you choose.

I will only work with a reputable, experienced Fee-Only advisor.

Personally, the only reason I would be investing in an area besides my own is that my money would translate better in that distant area, so if the 1% rule is really hard to come by in Richmond and they go fast to locals buying all cash...and you have no real reason why you are choosing Richmond (i.e. family there, friends there, contacts there, love the city, have history with the city), then why not go where there are deals that can still meet your criteria...and that goes for all over the country not just Hampton Roads.