Any tips/tricks would be greatly appreciated.  

I'm a Project Manager at an Architectural Firm specializing in Custom High-End Homes. 

I generally look for two things: new homes on the market for sale are they being sold very close to asking price, with short days on markets or not.

It is surprisingly easy to manage out of state and if you want more tips on how, check out Bigger Pockets book "30 Day Stay" on Mid Term Rentals. 

Just a few tips to look into but it usually takes some time to gain steam on your first listing so be patient and keep analyzing the local compeition /your own listing. 

If rent payments are missed or damages occur, this gives you legal recourse against any or all tenants.Best Practices:Professional property managers, like those managing rentals across North Texas, always screen every adult living in the home.

@Noy Rivlin Most single family homes that make sense as rental properties are about $125k-$225k.

Any tips, warnings, or real-life lessons are welcome! 

(Think "S" means "Simple", and "C" means "Complicated") Don't try it at home.

With the numerous investors on this forum they have done this to, it is probably just the tip of the iceberg.