The final straw was when my property went into abatement after an inspection, due to the property management company's failure to address tenant requests for the exact items that caused the issue.

Unfortunately, several issues arose during the renovation: 1.

I think issues regarding this can be avoided mostly just by tenant screening.

You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc.

Know and obey the law.

A lot of this process depends on your laws regarding STR and Mid term leases/occupancy?

This is an issue in Reno, NV with many multifamily properties where an older owner has not raised the rent in years and their selling agent thinks the property is worth market value, it's not and there is usually lots of deferred maintenance.

Many will issue press releases when they close on acquisitions, which result in articles in publications like Multi Housing News, GlobeSt, and Multifamily Biz.

It's definitely easier to invest out of state financially, but you can run into some issues without a good team in place in the market you're investing in. 

Don't feel bad, this happens a lot.Facing 80% vacancy and tenant issues can be tough, especially on a first deal.