Are there any specific areas that are reasonably priced compared to the cities? 

You can also look into building a rental portfolio which is a little less hands off compared to flipping.

I have found that the "value add" opportunities, with rent increases, renovations, zoning conversions, and other work needed, absolutely do take up more of your time compared to a more turnkey property - even with third party management overseeing the process. 

Any new commercial, industrial projects nearby? 

Out of my 32 properties, I’ve seen insurance rates drop by up to 40% on renewals, and property tax increases are finally slowing down compared to the crazy jumps we saw over the last five years.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Is anyone familiar with the rule listed in the title and is anyone that has a full-time job in another industry using this rule?

Its pretty much a necessity as the loans are so large on average compared to other areas of the country..

Though I would caution you on hard money lending until you understand the industry a bit better, that can be very rewarding but you have to be able to do your due diligence on deals because you're turning over your hard-earned money to an individuals project, often a flip. 

I also completely understand the frustration of navigating through "Joker brokers" and fake lenders who promise more than they can deliver—one of the biggest challenges in the industry today.Regarding your approach to accrual-based repayment options, that’s a huge help for flippers managing tight cash flow, and it's great that you offer that flexibility.