You should just buy in Georgia...that’s it!

I don't ever recommend someone buy a property having never seen or been there.It sounds like @Dustin Hagemaier would be a great resource for you.

They’re buying themselves a job.

The VA and Fha loans have been able to do it but their strict appraisal guidelines make it tough to buy the often older homes in my market in Virginia Beach / Norfolk Area. 

It's mostly Class A properties, a few Class B.You may find the below copy & paste info useful in addressing your question:----------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Yes they are buying old homes to tear down to build there now.

I never buy into these just watch and learn that is it.

.: Quote from @Jay Hinrichs: when I was buying notes I did not even run credit.. but I only paid 10 to 20 cents on the dollar.  

The interest rate is 7%, so we suggest this property is for someone who wants to get into Lease Options and meets the other requirements such as adequate reserves and credit.That means, they buy the property, they wind up with $50,000 in equity and they do a Lease Option to a buyer who doesn't currently own a house, but wants to.

So, you are not at limiting your self when buying a new property.