First advice is always go to friends and family with this deal and try to come up with the cash to buy outright.

Being OOS, finding a good investor friendly agent, who you can trust, is the most important.

@Mike Gi be sure to check Airbnb longer stays and Furnished Finder to see what your competition's pricing and decor are like and make your properties pet friendly if you can as this is always a way to out compete the competition.

Check out FilePlace, where user-created forms are available for free.

Check out FilePlace, where user-created forms are available for free.

I did the exact same thing 5 years ago except it was a single family and I rented the rooms out to friends, now my wife and I have built a portfolio of 10 homes.

If someone doesn't want to do the work and put in the time to invest in RE, stocks and index funds is probably the better way to go - I've stopped trying to convince my friends (the mortgage free people) the benefits of RE. 

Out of town, especially in places that are tenant friendly or C/D areas, are for experienced investors only.

If you are considering this approach, I suggest you buy an A-class property in a landlord friendly city and get a PM.

Even though ALOT and I mean ALOT of people on bigger pockets or friends and family have told me airnbnb arbitrage wouldn't work out I have been pretty successful even though I was pretty much self learnt without any form of joining a course or anything like that.