The only approach I’ve found effective is offering a deposit alternative, which lowers upfront costs for tenants without devaluing your property.

In today’s housing market, where inventory remains tight and competition is fierce, speed and decisiveness have become critical factors in securing a home.A Market Defined by Scarcity and CompetitionThe U.S. housing market is still struggling with the effects of years of underbuilding following the 2008 financial crisis.

How keep it legal of course but more importantly how to do if effectively.

Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

Be conservative on your rehab budget, rehab timeline, holding costs, etc.

Most investors on this forum are obtuse to the complicated nature of macroeconomics, cause and effect.

By focusing on effective time management, clear communication, building your network, and implementing a solid marketing strategy, you’ll be better prepared to navigate the ups and downs of the real estate industry.

You also will still need to manage your property manager  - ie, stay on top of expenses, ensuring your property is being managed effectively etc. 

Would it generally be a location that tends to have a higher cost of living? 

I own a 30-unit community and found it much easier and more cost effective than the 1-4 family and flips that I was doing before that acquisition.