As we continued to scale, we eventually added a positions to start taking some of my wife's responsibilities. 

@Albert Gallucci as many have pointed out, in the commercial space of 100+ apartment buildings and offices, property classes have some pretty decent industry standards.We started applying these to 1-4 unit properties around 10 years ago, which you can verify on our blogs, because we saw too many newbie investors not properly taking into account things like, neighborhood status, tenant pool, property condition, etc.Unfortunately, there's no industry standard for this, but you can use some basic logic to think your way through your own Classifications.

But would recommend you start with Long Term Rentals first.

When one machine goes down you start losing money in a small way. 

But neither do you, yet you started with:"Short answer is "yes"  - which I consider misleading.And you manipulated the OP's question to fit your agenda.

This website is a nice starting point as you are deciding on what location to choose from.

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

Go to GET STARTED > EVENTS AND MEETUPS at the top of your screen.

Ready and excited to start investing in real estate in the new year!

Also be sure your PM is documenting everything if you already started demo and rehab.