Your first challenge is - you shouldn't buy based upon zip code!

Personally, I've been in this niche since 2007.

Quote from @Sara Valentine: I have rented my personal home as a fully furnished/lots of amenities 3 month rental jan, feb, and march the past 3 years.

I do not recommend someone who has never owned real estate to do a fix and flip as real estate is challenging and cost prohibitive, I recommend if never owning real estate to start with an asset that does not need major repairs. 

Challenges?

It’s important to recognize that your landlord likely isn’t thinking about selling the property right now, especially given their personal circumstances.

I personally don't like the idea of using OPM as is often recommended for people without their own capital.

We understand that tax complexities can be challenging, but our experience shows that many of these barriers can be overcome with a strong local team.

Tight inventory can definitely be a challenge, but it sounds like you’re taking proactive steps.

LTRs with long term conventional financing and standard management aren't really cash flowing anywhere right now. sure, there are lower cost markets that look better on paper, but there are costs associated with those supposedly cheap markets as well - deferred maintenance, more challenging tenant base, higher cost turnovers as a percentage of the rent.2. i wouldn't pick a random market thousands of miles away based solely on statistics or numbers.