My top recommendation is to begin by contacting property management companies in each target area.

Work backwards from your $300,000 annual target to monthly say $25,000 per month.  

Look for properties where you can add value with smart, targeted renovations rather than going overboard.Financing Strategy: Since you're aware of the leverage risks, keep your financing options flexible and conservative.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

I was born and raised in my targeted investing area.

Also this is in West Palm Beach targeted for families on vacation.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

HUD targets average rents for an area, so just like average school grades, this typically translates to Class C property rents.In our Metro Detroit market, the MAJORITY of the claims about getting higher than market rents can be traced to a Class D Neighborhood/Property. 

Many investors use wholesalers or real estate agents who specialize in investment properties, or they directly target owners with distressed properties.5.

Detroit is very block-by-block, so knowing the dynamics in the area you’re targeting is key.2.