No matter how many properties you own in such a city, you can't achieve financial freedom because inflation continuously erodes your purchasing power.

You have to spend the money somehow without always thinking of the 4th quadrant, even though that money was realized from another asset You're in GA so you may relate even better to our market.

With a thriving tourism scene and steady year-round visitors, it’s perfect for short-term and long-term rentals as long as you are choosing an unsaturated asset class.

I then look at area vacancies, economic conditions, employment opportunities, area demographics and verify that the property has not been red tagged or have any other underlying problems that might make it difficult to resell or rent.When I have my financial information then I can consider debt service and costs related to equity partners in the overall income produced.

They are trusting in the potential value of the "Hard" Asset.

To restate, I wonder if it is feasible to pre-qualify prospects financially and criminally before touring.

It's hard to say without knowing more about your financial situation (not that you should post that on a public forum).

Both are in held in the same LLC or your name, you'll be net cash flow positive and be owning the debt, equity, and hard asset at different ratios that's relatively strong for performance growth in the portfolio.

You need to protect assets from lawsuits or creditors. 

Strictly analytical speaking you cannot make a financial case for unleveraged investing in real estate.