Quote from @Dave Vidales-Sanjuan: This leaves you plenty of time to research and find a quality agent that works well with investors.Here's a good article with tips for finding a good agent: https://www.biggerpockets.com/blog/how-to-find-an-investor-f...

Another great tool is to incorporate a quality home warranty (paid for either or both parties) to alleviate some concerns about items that are functioning but not failed. 

I used to have a 6/2 on Ohio State university campus north of downtown columbus and I got 1600 a weekend and netted 2500 a month probably. a lot of days were vacant but we did really well all the time for huge groups which is a nice I still recommend and there's not a lot. we just sold a new build for a medium term rental in newark close to intel. there's demand for high quality, well furnished places. 

We are choosing new build because A) our family 4 has a certain size demand B)  the price-quality ratio doesn't seem to make sense when considering a preexisting home C) with interest rates being at near 8% with preexisting homes, builders are offering 5.99% interest rates and the exact home we are looking at is about $75K discounted because it's a spec home and the builder doesn't want to pay taxes on it.So, live in it for 5-6 years hopefully rent it out with a fully finished basement for potentially $4,200 in 5-6 years.

My areas of expertise are PML/HML  Foreclosure Tax sale ( not tax certs) and sub to wrap creative finance and development these are all things I do for my day job.. like my project in Oregon currently  www.ivyridgeestatecanby.com 90 homes 700 to 1 mil each takes some expertise to buy develop get construction loans market sell and deliver these high quality homes..

But if anyone is interested, I could write some of my detailed experiences and findings about these 2 quality products. 

Am I exposed to any legal recourse from tenants with the quality of the living conditions? 

"for $___/year, we provide "x" additional inspections")6) Liability policy that covers tenant intentional damage, criminal acts, and unpaid rent when skipped or evicted (through insurance provider that provides this kind of coverage)7) Financial reports per quarter (as whatever period makes sense to you) (this can allow you to advise the owner on the health of their portfolio)8) End-of-year review of the property to show conditions and suggested needed and preventative maintenance items 9) Preferred vendor discounts (requires a contract with a vendor to give better pricing)10) Eviction protection programs (this is usually done "in house" when you have sufficient number of units under your management to be able to offer this kind of program)11) Legal services (requires agreement with landlord attorney to provide those services at set fees)12) Professional photos option (for enhanced listing)13) Professional, licensed home inspection (this is more relevant for older homes to ensure safety and habitability are addressed) 14) HVAC filter replacement program (this can also be a program offered to tenants)15) Pet and ESA screening through pet screening vendor (helps to streamline and increase quality of screening)16) Client portal account for ease of communication, updates, reports, etc.

Research crime rates, school quality, and future development plans to ensure you're investing in a promising area.Establish a reliable network of local professionals, such as real estate agents, property managers, contractors, and inspectors.

I would rather have a few high quality appreciating properties in the western states vs. lots of less expensive ones in the Midwest.