@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

HI There;There are two properties built in 1894 located in South Orange, New Jersey. 

Like mentioned it's also beneficial to keep up to date with what's happening in the area your STR is located, and make sure the decision makers are aware of hosts and what they bring to the community.

If you plan to attend college that location might be a great place to start.

As you've mentioned, great schools, area in general is nice and it's centrally located.

Sounds like a good plan, should have plenty of options available.I would be cognizant of any group you talk with on two areas, the location of the property including any potential concerns of it being 'rural', as well as the minimum purchase price and/or minimum loan amounts.

If entities are disregarded, you can keep up with more than 1 in a single QBO account using the location/business feature to keep track of them separately.

I agree with what others above said, that having a reliable, honest and knowledgeable team is the most important thing...more so than perhaps the location. 

@Jeffery JonesYou should reply with what market you are located in or the one you are looking to invest in so people from that specific market can give your their thoughts and point you in the right direction.

Many appraisal in several locations have been coming in low, which can either kill the deal altogether or make the borrower come in with more funds to close.