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.

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

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).  

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!

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.

How do small investors compete with big buildings that can easily decrease their rents or offer incentives if the economy slows down?

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.