First rental project advice?

[Gabe Lemons]

Looking to pick up a ST rental & it’s my first foray into the space. What are your thoughts on selecting a market & property? Budget considerations I should plan for? I live in San Diego & initially thinking I’d like to stick to areas I know a little bit about and can visit within a few hours drive but maybe their are other areas where my returns would be better and property would be cheaper? Key considerations on doing this out of state? I’ve seen some AirDNA analytics on some of our nearby markets but I’d love to get your thoughts on what I should or shouldn’t do to help improve my returns and avoid pitfalls. Thank you!