People assumed California would be the worst-performing state because the baseline level of affordability was so low.

The Carle Clinic is one of the only level 1 trauma center hospitals in the state outside of Chicago metro, the university is a great furnished tenant source, and Champaign county is 1 of the only counties in IL that is growing in population. 

Your best bet on background is to run your states background check if they are local and even then some things are on a county level. 

Areas experiencing growth in population usually see a corresponding rise in housing demand.You should then delve into real estate market trends, examining aspects such as property prices, rental levels, and the average time properties stay on the market.

Everything should be on the same design level.

Also look at the level of rehab of the comps, be careful not to do too much and work your lot fees into your holding costs.

You can always do it again as rates drop if they got down to that level.

Everyone has different comfort levels of what and where they buy, so you just have to decide what's best for you.Typically I say go north....north of McKinney, or draw a circle around DFW and invest on the outskirts of that circle. 

Is tenant churn and NOI improvement something property managers are held accountable for, or is that more of a company-level concern?

It depends on your level of participation.Origination fees and other fees are typically considered active income and subject to SE tax.