It depends" rings particularly true. 

Thoughts, in no particular order:1.

I’m particularly interested in the idea of partnering with local businesses.

When a situation is unsafe for a particular tenant, you are required to let them out of their lease.

In one particular meeting I attended Jimmy Napier goes up after John Beck and rather than make his own presentation offers to clarify questions concerning John Becks presentation.  

For example, while I am a remote provider originally from New Jersey, I find that I can be particularly effective for clients where I'm located here in Oklahoma City because I hold the majority of my investments here and cut my teeth doing my own books and taxes in OKC.

While basis adjustment may seem rather self-evident, appropriately navigating the particular tax nuances often requires a seasoned practitioner.

I particularly appreciate #5.  

Build an SMB on top of your real estate (the reverse of #2)Short-term rentals and high owner-participation real estate businesses can have great returns.Obviously not for you if you just want passive RE.We are in the deep end here, where each case should be judged on its own facts and merits by your CPA.You should hire a professional to review your particular situation before you make an investment.

So the enemy method is the way to get a good idea.Check AirBNB and VRBO and see what similar properties are doing in the area.Also, Louisville recently tightened up the rules around STRs so check with the city and make sure you are good to go for a particular property.