This isnt a "Mayank" problem. 

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

You might consider hard money for the initial purchase or going with a DSCR type lender if you find something that is more turnkey.Hey!

I want to know more about the area and build a team that can help me purchase and manage properties.   

@Katie Southard I think the specific challenge is finding the property management you can trust if choosing prop management.

I am purchasing my first rental property (multi-family) unit in Salisbury North Carolina. 

Good pet owners certainly understand this.

How do you communicate this hybrid approach on the OTA? 

Did you find someone to manage it or are you doing that yourself?

This could be a great option for your property as well.I recently met an investor at a networking event who specializes exclusively in pad splits.