Thanks all for your input and opinions, greatly appreciated.I also heard that Kissimmee, Orlando is a great location for short term rental for its  proximity to world Disney and universal studios but I don't now about their restrictions, any thoughts?

Have you physically seen the property yourself yet?

All said - Most lenders prefer replacement reserve greater than $500 and usually rely on an physical needs assessment to determine cost over a 5,10, or 15 year period.  

There's not a lot of physical resources in this part of the world so I'm glad I've found you guys to help!

As a result, I find myself with Bachelor degrees in Mathematics and Physics as well as a Master of Science in Engineering.

In close proximity, that neighborhood gets quite dicey.  

Hello Letta McNutt I invested in Hayward / San Leandro area and found it very rewarding, look for neglected properties in area with decent schools and proximity to Bart and you can't go wrong.

Then I'd present him with options, all of which involve his participation in some manner, whether physical or financial, and then hold him to it. 

Although this is an expensive market, I wanted to start local, as I am a bit cautious going anywhere I would not be able to physically be there on a moment's notice.  

NW Indiana is a great market for rentals because of its proximity to Chicago (30-45min commute), low taxes, and landlord friendly regulations.