That's why I included the smiley face. 

Hi - I have started buying LTR's in the last few years.

I'll see if I can use some of this because I get almost no Airbnb bookings unless I drop price way low.

With a 203k Renovation loan, you can also finance in your payments if you are doing a major rehab. 

Start with BiggerPockets Ultimate Beginners Guide (free).

So - somewhere 2 hours away, or somewhere you like to vacation in, or where all your family lives, or where you plan to move someday.Too many people are trying to do exactly what you're doing - pick a market based on a formula - and they end up buying a random 'cheap' property thousands of miles away, turn it over to people they've never met or even spoken to, and then... lose money.  

Ideally, I would like to use the buy and hold strategy, with a 50k budget to get started.  

Hey John, properties that have been on the market for more than 30 days typically start receiving offers below the asking price, as buyers often perceive them as having room for negotiation.

Websites like Furnished Finder and even hospital or university housing boards could be good starting points to market your property.

I grew up in the Western US, where homes are generally constructed the same (broadly speaking).