If you can get the leases, build your proforma and expectations on how you will operate, not on historical evidence.If the seller is willing to open the books once you're under contract, than build that into your offer and due diligence period. 

I expected to remember & be proud of all the amazing deals I/we were about to do.

You can expect to pay $150 - $300 per square foot, which is what it would cost to build an ordinary home.

As a remote CPA, I believe that clients' expectations can be exceeded regardless of their location. 

Initially, some properties hit the market with inflated prices, driven by optimistic expectations or speculative market conditions.

But unless you are a market expert and know exactly where the neighborhood cut off, and what a tenant in that area would expect etc, then you'll likely have a hard time without an agent or local rep of some kind.  

The STR guest doesn't expect to earn anything beyond their regular pay during their vacation.

And to address something earlier - siblings talk regularly, know the funds are limited and all expect a $0 inheritence.

@Melissa FinneyEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

@Tanner Sortillo Recommend they first figure out the property Class they want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.