Find and join a local REI or land lord Association and attend meetings to get local perspectives on markets, LL/tenant laws and experiences etc.Hang out here and search threads that may be relevant to you and your desires/needs.Decide on your objectives from investing, taking into account your resources from financial and time perspectives.

There is expansion going on at the local military installation, bringing tens of thousands more people to the area and not enough housing to meet the demand.  

Relationships are meant to help eachother out and trust. 100k is a chunk of money, so what I would do is find local REI and fund their deals.

I like to use local lenders because they will know the rental market and local agents will know the lender can get the financing done making your offer slightly stronger over using a national lender. 

They require a lot of capitol as well as cooperation from the local city and/or county. 

Do not call it a down payment if you are using it to do an option.Since he is subject to the requirements of the lease, you are required to fulfill all local requirements of a landlord.

You should speak to a few local lenders and see if they have a product that might work for you.

Yes, it is helpful to generally understand the pm space and workings, but the more important skill, to learn first, would be how to find, vet, and hire a good local property manager.

Check your local and state regulations regarding this business model.  

I looked out of state but eventually came to the conclusion after studying 4 markets in depth that staying local where I’m in control and have excellent systems in place just made more sense.