Plus, you still need cash for closing costs and reserves.

Note that I've not included potentially significant expense line items (repairs, etc.) or reserve set-asides so the numbers are actually worse than what I've presented. 

Buyers for places like this typically pay cash and they have good-sized reserves to back it up.

Out of state investing should be reserved for the experienced and those that are much more financially independent due to the higher risk it carries. 

Basically, in 1996 a married couple out of “love and affection” for the grantee, gifted the property to her “reserving unto themselves a LIFE ESTATE in the herein real estate”.

Also, given current market turbulence, it may be wise to get in the door with 20% down and keep the remaining 10% as reserves.

PLUS you'll need to show 6 months of reserves in cash.

Save a "reserve" so you can handle vacancies, maintenance, and all the bad things that pop up when first buying an investment.My recommendation is that you read a book like "Set For Life" by @Scott Trench and get your financial house in order so you go in prepared.

In Silicon Valley, which is a boom and bust economy, once the foundation is poured, the city cannot revoke the building permit (which they reserve the right to do if nothing is built).

Having a separate reserve bank account is also good practice (but not necessary) since it will give you a better idea on how much fund is readily available for reinvesting or withdrawal.