Please note though this is an asset on your estate and if you have debts those also need to be resolved/paid which could complicate things - thus why I strongly recommend an estate planning attorney and a real estate attorney.

You have paid for that monthly savings on the front AND back in that case. 

Buying near a trauma center or university is a solid plan for later, but getting experience with a simpler rental first can save you some headaches!

Not only will you save thousands of $$, you will have control over what is going on and avoid getting taken advantage of.

I'd plan to save any profits each month for future CapEx, repairs, vacancy until we had ~20K for this house set aside.

You want to choose an agent that invests in the asset class you are seeking and utilize their network and connections which will save you months if not years of work.

For one, the rental income tends to be lower than with short-term stays due to the necessary discounts, yet we still face most of the usual costs, aside from savings on cleaning and supplies.

I live in CA (SF Bay area), looking to move out of state possibly Nevada in two years once my son graduates High School.We sold our manufactured home a couple years ago and now are renting and saving for future home.Thought about buying an investment home in Las Vegas and renting it out for the next two years, while we are not ready to move.

I enjoy helping Bigger Pockets members save time, money and talking REI.  

We tore down half the home and saved 400 sqft, turned into a tiny home short term rental.