I'm also a bit weary of having to manage properties in far flung locations. I rather use a property manager, who would eat into the profits.
No different from living in a house you buy. Except what I recommended is a little safer. If you lose your local job because the local economy collapses, you're now stuck with a house you cannot sell, cannot rent, and that ties you to the area. Ouch!
With a rental far away, if that economy collapses it's already a small mortgage so no big deal. If your local economy collapses, you can move out of your local expensive rental and look for work elsewhere. Or even move into the cheap rental investment you just bought if that economy is doing well. Buying far away spreads your risk and is safer than buying to live in near your work.
It just runs itself if you get good renters. That's where you put all the time and effort upfront.
Yes it has some risk. All investments do. I answered the question about how you get on the property ladder if you can't afford local prices. There might be other ways too.