For local specifics, I would recommend starting with the Arizona Landlord Tenant Act.

The attorney can also then assist you with creating the following compliant with all federal, state and local laws:1) Rental Application2) Lease & Pet Addendum3) Renewal documents4) Nonpayment Warning Letters5) Eviction Letters & Notices6) Legal Entry Notices7) Security Deposit & Release of Liability Letters8) Vendor Contracts with insurance and other requirements9) MoveIn & MoveOut Procedures to Share with Tenants10) Etc.Hope this helps!

Consider semi-furnishing the space to increase room rental costs and also contact your local university/college housing department, they typically provide students with resources for off-campus housing and you could plug yourself in there. 

The property has walking access to local parks with playground as well as nature walks.

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.