I think there is tremendous potential to continue to invest and grow in this area! 

Thai could end up costing you more in taxes.

Add 10% to costs for misc items to come up.

For investment properties you should be using private/hard money lenders, but if it's a primary or you have a long window of time to secure the financing then traditional may be the way.Overall, it should be easier to get approved via creative financing though as there are options and workarounds for nearly every scenario (they just may cost more the more creative you need to get).

Bottom line....nothing is "grandfathered in" usually, inspectors don't care about holding costs and there are very few cosmetic only rehabs that don't require some sort of inspection.

Honestly, your biggest issue is going to be getting past a potential "rural" designation for a population density that low.

Here's a bit of advice for you to consider:Starting with SFR could be a good move for simpler management and lower upfront costs.

Exploring vacant land in suburbs or up-and-coming neighborhoods could offer you cheaper build costs and potentially lower taxes as well.

Inventory should be higher near you with rising insurance costs and that could mean decent deals, but don't jump too quickly.

@Kyle Weinapple this is a personal choice regard a cost/risk ratio.