It's also rare you buy these properties with 20-25% and have NOTHING you need to address almost immediately in terms of repairs or capex. 

I have found I can lower this number if I rehabbed the property myself before I rent it vs buying a tenant occupied property.

Figure out what they're willing to pay, use those numbers to refine your search on houses you should buy. 

. $220,000 is definitely a lower purchase price amount and really limits you on what you can buy.

Probably buy during hurricane season (now) to get the best deal. 

Definitely don't sell it and buy cheap Class C in Texas or other state for "cash flow on paper" - I learned a painful lesson with those types of properties. 

Think of it like buying an existing performing business.

I support (and use) a utility-cost cap amendment in our leases to ward off those who might want to mine cryptocurrency or operate an indoor greenhouse, but the vast majority of MTR have utilities included and the vast majority of travelers expect that they are.

Now, I’m rebuilding my portfolio while continuing to help others buy and sell homes.

Focus on getting the first one and try to buy one a year.