If you get a lender involved (and even if you don't) you should get a couple of things:1) Geo-Tech study - This is for the soil to be stable enough to build on2) Phase 1 Environmental - The person doing this will search title/recorded history for things like buried storage tanks or uses like businesses dealing with hazardous chemicals. 

Richmond is historically a very stable market.If we do see a correction generally, I expect it in early 2021 at the earliest.

It did not sell for the appraised price so I rented it out to the most qualified, stable-income buyer and promptly refinanced to pull equity out.

Maybe withdraw from 401k and retirement accounts, or possibly cash-out refinance your existing home to get the funds for another property.

I could probably come up with the money for the down payment but would be sacrificing my emergency fund and retirement account.

As a small town known purchaser of RE I have had landlords who want to retire ask me to "run" their properties for them.It's my understanding in Ohio I have to be a licensed RE agent to be a property manager. 

Also not in a retirement heavy area.I have disposable income at the moment I do not want to go to waste.I am still in the fact finding stage but if the numbers work - it is something I seriously will consider. 

There's a great company, Rent to Retirement that can assist you in getting your first rental.

It's a pretty eye opening option that might be right or wrong for you depending on what you're planning.starting point:https://www.investopedia.com/retirement/doing-it-yourself-selfdirected-401k-and-ira/

Augusta's proven to be a very stable market with attractive industries like military, medical, cyber, manufacturing, tech, etc.