/MtShasta05/MtS...https://www.mtshastaca.gov/finance/page/short-term-rentals-t...I will suggest picking a market that you might want to visit (for STR) or a market that will cash flow if you don't plan to visit if it is your first out of state property. 

You also need to, as @Lydia T. said, train your callers based on your own experience with this list.

I'm seeing a lot of good reviews on them too, but I've been through nightmare projects like you are describing and no amount of money with worth that level of stress, especially for entirely avoidable problems.

Not the right person to support you.Disadvantages1-2-3-4-5-6-7 all true and possible, this smells like opportunity, probably more risks than that....and property is more work than T-bills.Advantages....1 is possible....not sure I understand 2....no cash flow from your side if you have vacancy.  1031 defers taxes not eliminate it, but there are ways perhaps, for example if you get big enough and 1031 into QOZ you have the poential to eliminate 100% of the capitol gains taxes.#4 you forgot about leverage....for the most part you can't leverage T-bills, maybe 50% on ETFs. 

Living in is a stress factor but if you don't mind some chaos and a little mess it's great. 

Owing to the trend towards smaller,  more efficient appliances and LED lighting  electrical loads I think are somewhat less than they may have been per SF like in the 70's through 2000's when everybody had incandescent lighting and big tube TVs and refrigerators, dishwashers,  etc. that used 2 or 3x as much power as modern ones.I've had a couple turn-of-century units rewired to remove K&T and failed 'BX" (flexible steel sheathed  2 wire cable)  and agree with other posters the pricing isn't that bad as long as you can find an electrician that has some experience with that kind of work,   and sometimes it might be helpful to open up some cable routes ahead of time for them to use so they don't have to do the exploratory work.   

Con I would say is that you have to do the work or pay someone lol Its a great way to learn about how to rehab properties without having to stress about any timelines. 

Many were buying notes and taking courses from "gurus"t that they, themselves, had no background in credit.

I'm a fan of letting our kids go through stress but knowing when it turns into distress and stepping in to help if I can (financially or otherwise).

Milwaukee is a very linear market, things don''t change fast here.