Some cost more, require more paperwork, etc.

Very few non-owner occupied property policies guarantee full replacement cost - they typically provide replacement cost up to the dwelling limit purchased. 

If you live in a high cost of living area, investing in more affordable out-of-state markets can be a great strategy.

Once you pay realtor fees, closing costs, sellers want 10k for points and concessions.

Not going to give here a lecture on S-corps, but take my word: no benefits, only extra hassle and extra cost, such as preparing another tax return.

I will not expand my business to areas without having a good team first. 20 to 25% is reasonable if you come across a good PM near you, there is a lot of work that goes into STRs 

Account for the cost. 

Since we aren't in that state it would cost more because we can't physically be there to track projects, network for contractors etc.

Pretty easy to get a $6,000 to $10,000+ sewer dig up and replace cost if it's a perfect wide-open area.

@Ross DerouenBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.