Yes:- file state tax extensions if you have state income tax- make estimated state tax payments- file amended 2018 returns if needed, unless you filed a 2018 extension in 2019-  make1st quarterly estimated payment towards your 2022 taxes- adopt a dog from your local shelter

I do live in a lower-income area that is now up and coming (more job opportunities, more infrastructure being built, local amusement parks, close to city, etc).

But make sure to do more research, connect with local agents that know the market, connect with investors who own rental properties in that market, and then decide if that's going to be your main stomping ground. 

If you suspect someone is a trafficking victim, call The National Human Trafficking 24-hour Hotline at 1(888) 373-7888 to access Central Ohio's local response network.Danae King

What are the best practices in this situation, especially considering any local laws and regulations that might apply?

Also considering Airbnb type property and outside of local area if the numbers are right..

Additionally, your local FB groups and REIA's will have them.

If you are laser focused on specific properties, door knock the owners if they are local.

If it's a commercial lender or portfolio lender or small local bank they may not care where it comes from.  

Some clients of mine have used a local company called REZIO who will do the drawings and facilitate the permitting for you.