Prepare financially by saving for down payments, improving your credit score, and setting aside emergency reserves.

I think you should be paying about 10.5%-12% on average right now, 1-2 points as well, and some lenders will not even need an appraisal.

The model opens a pool of possibilities for owners who are prepared to hold and manage the property long-term.

Now investors, especially the newbies, are chasing returns by going after higher risk investments - many NOT really understanding the true risks.Many more investors will be losing money and choosing to liquidate real estate - which will be buying opportunities for the better prepared investors.

I purchased and renovated a house with a separate legal mother/daughter apartment that I am preparing to Airbnb here in Central NJ. 

Keep looking, but be prepared for higher interest rates with maybe maximum of 65% loan amounts (hopefully more though).

This also helps with asset protection, monthly bookkeeping and annual tax return preparation. 

Petersburg for over 30 years, I can attest that the last two big hurricanes caused significant damage, but they were the first in a long time.Condos and townhomes tend to perform well, especially if they're located on the Intracoastal Waterway or within 3-5 miles of the beaches.

Most mortgage companies will not call loan due if payments are current but you do run that risk and need to be prepared to payoff or refi at a moments notice.

If tenant raises factual defenses such as falsifying the lease or claiming they paid rent, there would be a brief trial which you would be prepared to testify against.