They bring in, say 300k a year in revenue on the business with 200k being net profit. 

At least I know the info I'm getting is good.People are mentioning the (COMPLETELY OPTIONAL) network marketing side of the business but in reality I'd rather a company pay its students to share their experience than spend 70% of their revenue on advertising.

The two biggest challenges I hear are not realizing the condition of the property (for example, finding out the property is in a worse condition than it is) and working with contractors (not finishing the job, taking too long, etc).

@Ryan Tongue have heard of termites in Michgan before, but have never SEEN termites in Michigan.Winter usually kills them.The biggest challenge with this issue is doing it properly. 

the biggest indication of a investor failing in real estate is not having enough reserves to get through the rainy seasons of the investment where as people who can get through over a long period of time do extremely well.

It seems to me that your biggest potential liability at this moment, by far, is not having a lease. 

My biggest concern with cost seg studies that produce a large rebate is does that flag for audit.

The biggest thing you'd have to manage after purchasing the right deal for you would be the property manager, so you can make sure he's managing your property how you'd like. 

Those type of things drive rental revenue and attract more guests.

Since you are here on the BRRRR forum, the biggest thing is cash-out seasoning time.