@Jason Oberweis,Valid points, I think you and @James Gates pointed out the importance of the human factor. I

Many stay for 5 years at a time, and they often renew their contracts.Do you have long term development project going on nearby, dams, solar or wind generation facilities,  or many new businesses such as a car factory starting that will bring in management from other locations? 

Big factor is also season.

People are crying about a GM factory being shut down losing a few thousand but 100s of thousands of jobs is horrendous.

I know with buying OOS the most important factor is finding the right people on ground in the market I buy in - management, contractors, agents etc. and I am willing to put in the work to find the right people.

Stick to solid B/B+ areas where tenants are people with stable jobs (nurses, factory work, teachers, etc).

The other factor is expenses on condos are very high due to the association fee.

@Adam RollPaying yourself via W-2 or by other means will depend on several factors.One factor is how the entity is formed.If the entity is formed as a Partnership with other partners, you are issued a K-1 that will report your share of income earned by the business during the year.

Other towns might have factories or other industry that keeps them alive, but they move.

The plot was originally Two acres wide by five acres deep, water district 1 bordered by the canal, Unfortunately my acres are set back two acres from the road, behind a factory.