Start networking with local agents and investors for insights, and talk to a lender to get pre-approved to understand your budget.

You can also search for local FB groups that specialize in longer term stays.

Talk to your local building department for the codes they follow and requirement(s).

Beyond that, real estate is largely local; in my market we are not seeing anywhere near those numbers.

(One virtual and one local).   

I would consider the tenant's past, as well as the condition of the unit, my local market, and other factors.

First you have to face the local municipalities & will be extremely difficult to get the zoning approved. 

My PM quotes me and does the work on my buys to get them rent-ready and then manages them and I'm local but they do the same for many out of state investors as do many Property managers in Milwaukee such as Citywide Rentals, Welcome Home Milwaukee or MKE Leasing. 

Look into connecting with some local investors, they typically have meet-ups often and swap stories and different strategies.

They’ll let you know if everything looks up to code or if there are issues to fix.Then, head to the local building department and apply for the permits.