Hey Will,As a PM in the area:-have a lawyer look over your lease-make sure EVERYTHING is in your lease (who replaces air filters, who replaces smoke detectors batteries, who cuts grass)-be thorough with background inspections-make sure tenant is aware (and is in lease) on when fines occur for late rent and how much they areThose are things that first come to mind.In can be expensive and time consuming to set it all up the first time and do it in a way that protects yourself and your investment.Let me know if I can help in any way!

Holy smokes, @Pete M.! 

You may do better but....There are some federal and state (in MA) requirements on smokes that have kicked in after a 10 year delay...so make sure u aren’t looking at 10-15k to hardwire stuff.

@Jay Hinrichs  Yes, the smoke/ash is pretty bad. 

You can use changing smoke detector batteries or changing furnace filters as the reason to enter the property.

If you purchase a building that's greater than 5 units and less than 10 and it isn't in a smoking good area, I would probably not look at it.

Treated for bugs, replaced the interior and exterior "Zinsco" Breaker and service panels ($10,500), remodeled 2 bathrooms, replaced 3 of 5 water heaters, smoke detectors, added kitchen and bathroom GFCIs, 1 AC unit, 1 new dryer, replaced 2 windows, repaired several more windows.

Samsung smart things hub with WiFi smoke detectors and a smart lock. 

Right now I think there is too much smoke on the water to make any kind of meaningful projections.We have COVID, and the possibility of a worldwide recession (unrelated to the covid) looming out there.I think America will weather these problems much better than other countries, but as far as comparing one area to another right now, I think there are too many variables //risk//. 

I can smell their smoke from my living room, dining room, and bathroom.