I love your idea of a higher-end style for that area because you are absolutely correct that so many rentals follow that heavy wood, dark, bears and moose theme.

One way to try to minimize this is to eventually ladder your capital into several deals so that when payoffs come, sometimes unexpectedly, not all your capital is idle.

It seems to me that despite the near-constant protests to the contrary from certain people in the dark recesses of the internet, the tendency of large countries with powerful militaries is that they do not collapse. 

If I were you I would lean towards properties with smaller landscaping issues if possible to minimize costs.

No property is perfect, especially an older one, but with good management, most risks can be minimized upfront.

By "partial" I mean renovating the kitchen and bathroom, painting the place, re-tiling the floor and maybe adding some smaller features that can make a difference to prospective buyers, such as new A/C units, new internal doors, or maybe even sell the place furnished (home staging is not really an option here); with no or minimal demolition, and hopefully without electricity or plumbing issues.

Lots of sprinting and longer periods where there is minimal activity.Leasing season is 2.5 months of non-stop tenant inquiries and requests.

In Arizona minimally you are spending at least 300k for a decent rental 3bed 2bath 1500 sqft and on avg at least 400k which is going to require minimally 100k down and closer to 150-200 if you want to cash flow where avg rent is the 2300$ range.

I was thinking of doing rental properties near college towns as I think the income would be steady and minimal risk.What sort of capital is needed to get multifamily properties in B rated areas?

Or minimize your mortgage risk by buying one property for cash or little debt.