As soon as you take over, let all the tenants know that you will be acting in a more professional manner.

Most markets across the nation have seen climbing prices and it simply can't be sustained forever. 

@Matt Shields in the long run I’m not overly concerned as this corporate entities have huge overheads and as margins get smaller and smaller they will have a tough time sustaining themselves.Small operators who work from home or small “mom and pop” offices will do better as they will be able to live from previous profits as long as they don’t squander the proceeds.If we have even a minor correction in the market, the large corporations could be left sitting on a lot of negative value inventory that will need to be liquidated In order to cover overhead and can only benefit the smaller entities with cash to scoop them up.My 2 cents for what it’s worth.

Here's the deal...If you finance the property in a sensible manner and with a fixed interest rate, it doesn't matter what the market does, as long as you can keep renters in it. 

You want to be able to sustain this and going too hard is a good way to burn out. 2.

I also when its someone new .. will google street view.. get the person answering the phone to describe what her office location looks like  or I will say hey is that a McDonalds across the street from you when I know its a burger king.. then the other thing I will do is make them recite some information on the hud that a scammer would not have access to.you simply cant be too careful.. millions of dollars a day are being lost in this manner. 

Owning/managing an STR is not as simple or straightforward as standard rentals and to successfully run them you need to have good systems and procedures in place to sustain them.   

@Jordan Gilberti This is one of the toughest areas of this industry to accurately capture...especially flippers taxed as ordinary income...and at the end of the year, how many investors really do a deep dive on their properties and confirm actual ROI...not many...this is tedious (and sometimes disappointing work).While flipping houses is not a viable or sustainable industry, it works for generating vacation cash...the most successful flippers aren't flipping houses any more, they are lending or teaching other people how to flip houses...but why?

Moderate risk involves things like removing a door in a piece by piece manner. 

Taking into account climate change, the regulatory environment and future growth (population and real estate valuations), cities like Charlotte, Nashville, Chattanooga, Atlanta, Birmingham, etc etc should win handily against costal cities or the rust belt.Ultimately the best city to invest is the city you can invest in first and the most sustainably.