I would focus on established markets that are still showing growth and have more than just one draw.Taking my main market of Tampa Metro as an example - There is more than just beaches, you also have MLB/NHL/NFL + Spring break and MLB Spring training, aquariums, golf, casino, new downtown development, and a lot of business travel.You want to avoid markets with just one draw, as if something happens to that draw, you will be hurting for who knows how long.

Basically everything I’m looking for is what’s the biggest bang for my buck.1. 

The biggest lesson I learned was once you determine the market you want to invest you need to build your Team.

TENANT:  Oh, I wanted to make it a 2-bedroom apartment.ME:  --Biggest facepalm ever-- You need to contact us before you do any sort of modifications to your apartment.TENANT:  Oh, I didn't know that.ME: My manager will contact you on Monday.Needless to say, she probably won't be staying very long...

My biggest complaints are similar to yours:1. 5-7 days or more from the time the tenant pays the rent until the cash hits my account. 

Your biggest risk is kids commandeering the thing while mom and dad are in the hot tub,and running over and killing someone(s).  

That's your biggest hurdle.2) Of that remaining 100, on 95 of them the appraisal is going to find some reason to kill it.

When dealing with legal matters, the biggest mistake folks make is not listening to the attorney.It sounds like you’re out of town. 

I think the biggest factor to determine which route to take is how much money do you have to start with and how much do you want your investments to be worth over some set period of time (i.e. 10 years, 20 years, etc).If you're starting with 100k and getting 10 to 12% return, you're making 10k to 12k a year?

My biggest problem these days are more (in some cases MANY more) people living in the apartment than are on the lease.