Are you looking for a property manager or just someone who has some local knowledge about the area? 

@Jake Fleming I would start with your local REIA and network there with investors face to face, build relationships and go from there.

I'm hoping I didnt make a mistake with these numbers but assuming proper assessment of the local market, jobs/population growth, property condition, rental demand, future appreciation etc., is this something that sounds within acceptable ranges or am I missing a piece of the puzzle here? 

We've seen this in the Raleigh MSA as well with large, regional and even some local builders offering rate buy downs.

Get out and rub elbows with local investors by joining a local real estate investor group.

I was able to get into this by networking with some very smart and talented people in the local market and banking.

I hired a local contractor to add TLC to the property.

Have no real formal training, on subto I would have a local attorney put it together for you.

The vendor we use has them pay for it as the last step, so the applicant can make the decision whether to pay the $55 and finish the application or not.

Just connect with those doing deals and go to the local RE forums.