The location is ideal and is right within our chosen area of concentration.The owner has been transferred to the west coast and now lives out there (communication has been slowed as a result).

Open communication makes for some great turnover opportunities. 

This is quite similar to a flip, and let's you come out the back-end with much of your investment capital (or all of it if the margins are wide enough).  

Are they tech savvy and can communicate and sign docs online, or I am going to have to drive over with paper and wet signatures.

I can also use the FCI servicer to communicate with the mortgagee and either ask how much can the mortgage afford to pay a month.

A lot of people I have been communicating with have advised to go toward rentals.

Similar to Memphis Invest, they have good communication and good systems.  

If we are able to establish and maintain a good landlord-tenant relationship by using open-honest-clear communication, by providing good value, by keeping our property well maintained, and by treating our tenants respectfully and fairly, we are likely to have better outcomes.

It has become clear to me that while I don't need my hand held, frequent  communication with the PM is a necessity.

Your time here will be well spent.Since you didn't name a specific area of interest, I added the three most popular niches for your to select one or all while waiting for local connections.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?