Have you looked at AirDna or another STR data tool to obtain expected ADR?

I like the Share Group for skip tracing, its not cheap, but great data is worth gold.

You can't judge an area solely on crime rate and employment and salary data, but it certainly helps.

However, this approach might add complexity, such as additional tax filings, self-employment taxes, and administrative costs.

The key factors that may raise audit risk are discrepancies in reported income, excessive deductions that appear out of line with your income level, or unusually complex transactions.

Invest in RelationshipsBuilding strong relationships with lenders, contractors, inspectors, real estate agents, and attorneys can help close deals even in tough times: Real Estate Agents: Experienced agents know how to guide buyers and sellers through complex markets.

I spent the last three weeks scraping data on this very topic. 

Hi there,Given the complexity of your situation—owning a rental property in Florida while residing in Illinois, house hacking with your daughter, and planning to claim tax breaks—it might be a good idea to consult with a Certified Public Accountant (CPA) or an Enrolled Agent (EA) who specializes in real estate taxation.While your current tax professional at HR Block has experience with multiple properties, a specialist can offer more in-depth knowledge on multi-state tax issues, rental income reporting, depreciation, and maximizing deductions specific to real estate investments.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

If you see yourself owning 2-3 apartment complexes, I would start with at least 4 units, maybe even 8-16.