That said, most first time home-buyer programs are intended for owner occupants so be sure to read the terms and docs as they relate to your rental plans.

You've also stated that you want relatively-turnkey (that is how I interpret the phrase "I don't want to do any major remodeling work"). 

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Many members are experts in their respective fields related to real estate investing, whether that is real estate brokerage, wholesaling, flipping, buy and hold, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

Properties that have monthly cash flow with only 20% down tend to be lower-income housing with lots of turnover and high maintenance costs relative to rent.Doing a flip:Pro: The market has cooled so it may be easier to find a fixer-upper.Con: You might be underestimating the time and money require to flip a house.

I have no relatives/friends in these areas.

Location only plays in as far as if the property is in a flood zone or other weather related factors in the area. 

. :) I'm pretty sure we're related somewhere along the way. 

Listen to the flipper related BP podcasts and read the flipper related BP forums.

The statute is not divided, it's all one long statute, meaning the second part of the statute directly relates to the first part.