There is no specific set of guidelines from the IRS, and just the general prohibition against providing services to the IRA.We and most in the industry are comfortable with a client managing a handful of long term rentals. 

Now that I think about it, I am not comfortable at all doing out of state investing. 

Whenever the division or superintendent of real estate is referred to or designated in any statute, rule, contract, or other document, the reference or designation shall be deemed to refer to the division or superintendent of real estate and professional licensing, as the case may be.

Our long-term goal is to build our dream-home in 5 years and live comfortably with a single active income and small portfolio of passive income.

The rent we are collecting helps us comfortably live here in the house we are renting. 

There are no official designations as to the rating of a neighborhood.

I'm willing to put $10k down and still be comfortable enough to get through the first few months without a hiccup.

@Melody Rault, are you comfortable working with your tax accountant remotely?

A friend of mine in New Hampshire can help you out in designing the correct sized system.

I'm a real estate broker and interior designer.