If you hate the process of placing tenants, it may be worth it to hire a property manager to handle tenant placement for you.I think finding a new tenant is a better long term strategy if you're confident you can find a higher quality tenant that will cause you fewer headaches.

@Ofir R.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Those qualities can be the difference between closing a deal and walking away empty-handed.What about you?

DOM can be minimized by a number of different factors including the quality of marketing, rent price, availability to show. 

He prides himself on having "realistic" standards and claims to value inner qualities over appearance.

It depends on your financial strength, the quality of the property, how many properties you own, etc.I like to start with one significant expense and three months of vacancy.

Colors, quality of paint, how much prep needed, holes patches etc. 

They must provide quality service, or their clients won't want to pay the price.

3) What neighborhoods would you recommend in this price range if I'm targeting high quality tenants?

The two are almost entirely different markets in terms of price points, returns, tenant quality, and overall investing strategy.