I find condos/townhomes to be easier to manage out of state because the HOA handles a lot of the maintenance, just be aware of condo fees and find a place that is reasonable like $300-400/mo or less if you are lucky.

Some take on the business w/o having the proper systems in place to deal with low-demographic tenants & properties.We also see owners being part of the problem - expecting Class A fees, service & results from their Class C & D properties.

Rents for medium term rentals usually range from 1.5 times to 2 times the normal rent for a place.

Remember that it takes more cash than you think to buy a place, too.

What if the person staying at your place signed a contract but their 1st payment check bounced.

But, it is not some holy grail of great deals that will overflow your pipeline of possible purchases.So, if you are needing a deeper pipeline of deal flow, yes, auctions can be another place to look for deals.  

Sounds Like you have the operational experience to turn the place around and make it a winner. 

McKinney and Princeton have been growing a lot and it is a good place to invest, but it is always related to what you are looking to achieve in a rental investment, appreciation or cash flow.At this time that area does not offer a big cash flow and due to the amount of development going on there, rental demand has declined a bit.In any case you have to make an analysis case by case.

If that's what you're really after I would start with the basics of what kind of bank loans either residential or commercial are available to you - not saying this is the best option, but it's a good place to start.

Going to networking events is a great place to meet people.