Could anyone give me some tips about how to input the PMI in the expense side of the things on this online tool to better identify if this is the right deal for me?  

It claims to be able to identify prime areas for your needs, and show cash on cash returns for both airbnb and traditional. 

There are also some investors that are very good about identifying properties auctioned at a price higher than the bank note(s). 

The hardest part about doing this is identifying what markets.

Since you have already identified your niche, the best bet would be to 1) educate yourself via books and podacts2) network with like-minded investors via REI clubs and events.

Identify who the cash buyers are and understand their criteria of what they look for, learn how to run numbers on a property as if you were a flipper yourself because that is the skill expected of you by cash buyers to save them time and that is the value you bring to others.

By working with a trusted advisor who knows their market, you will be able to quickly identify the pockets in each city that will produce a predictable income. 

You will find the top markets competition will be high..I see you have lived in CLT but I highly recommend boots in the grounds, too many over analyze and never visit the market or end up going with a turn key provider having no idea where they are investing..Identify neighborhoods in both markets where you find potentials and visit both market to make the best decision.

However, I am looking to be able to identify the catastrophic issues and avoid them.   

Hi there, I was walking around looking for distressed properties using the info I learned from these forums and identified a target.Then I went online to the property appraisers and found the property - BINGO!