I called the agent and it sounds as if the issue was really with the front porch allowing water under it and causing water to leak into the basement.

We allowed the place to do needed repairs-water line running under state route 31 was a big project.

It will also allow me to network in the area with other investors and people of similar real estate interests as my own.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

If they do not comply per the notice take the next step allowed by your lease.

Another option that I've seen in the local market is purchasing a heavily distressed or big rehab project with a local hard money lender that will allow a smaller downpayment due to the amount of equity in the deal on the back end.

Having a team in place is essential to long-distance investing.https://www.biggerpockets.com/blog/core-four-real-estate-team

This will depend on the lender but plenty will allow you to start ahead of time.

I would also point out that it's unlikely the rates will come down close to 2.99% within the next year, so sitting on the sideline for years is a risk in of itself.Alternatively, you could get a 2nd mortgage that would allow you to keep the first mortgage at 2.99%.

If it is im not even sure a city will allow you to get a building permit on someone elses land.