These are typically located in lesser-known vacation rental markets, but have very strong fundamentals and great room for improvement. 

Focus on value-add properties where improvements like renovations or better management can increase returns.

This is more about riding the wave of a growing market.2.Forced Appreciation: Actively increasing a property’s value through strategic actions like renovations, raising rents, or improving operations.

You'll also want to consider if each lender provides funding for renovations/improvements.

Ultimately I had a vision for how this particular home could easily be improved and rented for top market without much headache.How did you find this deal and how did you negotiate it?

Linked to his profile in this post as well.

I bought a multifamily property that was undervalued, so working on renovations and improvements now.

Average maintenance and capital improvement: 350/month (4-5kyr).

@Frank Newsome the profile you started here on BP yesterday, doesn't show where you are from.So, not sure how you picked those 4 markets, other than they are all in Michigan.We're in the Metro Detroit market, not the other 3.Our website has a map showing all the cities in Macomb, Oakland & Wayne Counties, that make up Metro Detroit. 

Their book is super helpful, and so far I'm guilty of at least half of all the newbie mistakes they talk about, so I expect my rental operation to improve as I implement their advice over the course of next lease term.