It's a cheap house in a cheap city, so we wont get 250-300/night rents like other areas do

The property (and rental income from it) will come into play for the loan amount wont it? 

Liens run with the land for decades.In CA we do those with bonds  1915 act  1911 act  and mello roos.. or in Oregon the state wont sponsor these type of bonds for the private sector.. one other reason Oregon cant grow like CA.. you need private capital for all infrastructure improvements or at least a majority.  

I work overseas so I wont be able to manage the property myself. 

Businesses have budgets that have be stuck to or else the business suffers and the client/tenant could be effected by not having a home to live in because of bad money management.

If I show up and find out within 1 minute that the numbers are way off and the deal is actually a stinker, I wont be particularly happy with that seller (wholesaler, regular agent, or even FSBO for that matter). 

Buying properties in town produces good profits and is less work, but i wont do them because i do not enjoy that market. 

Obviously I need 20% down, which wont be a problem here shortly.I want to spend around 40k-60k on a foreclosure home to get the best deal.

You wont find these loans with banks and credit unions, you will only find them with Brokers and mortgage bankers.

As throughout the country, many were financed through home equity loans or outright and were just as risky as the rest of the mortgage market at the time.A longtime local property manager has said he believes a major factor that kept the market up was the lack of sufficient hotel space and that the # of available cabins contracted as more foreclosures occurred.The local labor market also suffered when manufacturing and other jobs were lost and people took lower paying jobs in the attractions areas.