I am open to both local and long distance as well.

If you are buying new construction, from a major builder (you know, where they pour foundation on Monday, and framing starts on Tuesday) then I would be concerned.Lead paint, for me, has never been an issue (but worth knowing your locality's policy).  

Repeating myself here, but simply trying to be helpful :) A local Realtor or property manager would be able to advise best.

Again, check your local regulations, but you could theoretically get those rents up very fast.

I would prefer to invest locally, but as you point out, it's so hard to establish that initial cash flow.

As everyone knows, investing locally in Colorado (especially Denver) is proving difficult, even for experienced investors, so unfortunately I've realized I may need to invest elsewhere.

I also live about 20 minutes from the property so i would be local. 

I own a small house in Arkansas that I rent out primarily to nurses (intermediate-term rental) and have a construction company that is doing a local project and wants to house one of their crews in the house for 3 months. 

I would search for a local attorney for assistance/guidance.

Let's gather here to talk about local market.