@Alan Jones, there are several avenues you can investigate re your financing options; portfolio lenders, seller financing, private money. 

Right now I am only looking at MLS.I am choosing those areas because a friend of a friend have invested in Bend and my husband regularly does business trips to Houston.Are there other out of state investing that may be worth investigating?

The term is 6 months so your $50k can be loaned out twice per year at 12%, plus the 1 point times two points total you get, making your total annual return 14% and other than the original investigation into the subject property (which you would have to do on a buy and hold anyways), you are 100% passive with no IRS rules to worry about other than not loaning to a disqualified party.This is a very simple example and as a matter of fact, if you mix in some JV deals or situations where you take a portion of profits, your returns can get even higher.

I hope these responses provide enough insight to direct me to investigate a few directions.

Certainly worth investigating closer

After a bit of investigation i found what I guessed was the current address of the owner.

In the past, I hired a private investigator to locate this information for me.  

@John Barr Thank you for your investigation, What is the price range of the properties in these zip codes?

Additionally, upon further investigation, it was revealed that the valleys underlying the tile roof are in need of repair and/or replacement soon. 

I think it's right, but will investigate if there's room.