I ran some comps and found that the price is reasonable based on the area, could be slightly lower around 10k or so.

This won't work for urban areas or non-primary residences, and would have to be single unit, but if you'd consider doing something like a live-in flip you could look at USDA:RD loans and then refi to hold or just sell.

I'd recommend you hire a local PM to handle these issues if you are out of state and not familiar with the area.  

Anything east of the St John’s river to the beaches is generally a more A-B area.

We haven't decided if we want to use it as a long-term rental or flip it, so would appreciate any advice on that as well.We've been trying to read up on how to get started, but have a few questions we were hoping to get help with:1) What are the key things to look for in identifying a specific area to purchase in?

I've heard of similar laws in a couple areas.

Better areas/better assets are still pulling strong rental rates with quick turnover time between tenants. 

This is a very passive way of getting involved in real estate that provides fixed returns that are usually higher than the stock market.Those are a few ways to get involved in real estate in a more passive role. 

I've been researching the area, but I would love to hear from the experts here about where I should focus my attention.Specifically, I'm looking for advice on:- Promising Neighborhoods: Which areas in Pittsburgh are currently showing good potential for single-family home flips?

I noticed that these statistics are based on Myrtle beach only which has about 37k population and does not include the broader Myrtle beach Metro area which has about 410k population.