Love that town. 

There is no penalty for the tenant to end the lease at any time with a 30 day notice"...And the reason I did this is because it is very important to me, with small town circumstances and dynamics for my family in the town the rental is located in, that the tenant not be disrespectful or unfair in any way. 

Quote from @Laura Yelin: Hello BP'sI like Sherman...I lived there for about 3 years many years ago and still sell and rent there.It's a slow wealth building market in my opinion, not get rich quick.Mostly blue collar stable town.

I believe they meet once and sometimes twice a month at a coffee shop here in town.

I was kind of skeptical, but seems this city/town is good place for STRs based on your response.  

You'll also want to pick your unit size based on the part of town you invest in. 

There are signs to look for if you know what to look for and certain areas of town are far worse than others.Where is the house? 

We have a few airbnbs in town as well.

You may want to first explore cities that you are already familiar with.Think of cities where you grew up, went to school, like to vacation to or see family.You will have a better idea of what the good / bad parts of town than a brand new city that you are unfamiliar with.Best of luck.

Denton County offers opportunities in suburban and college town markets, while Grayson County provides affordable entry points with cash-flow potential.