If you're looking at this from a distance, connecting with a local property manager could give you a clearer picture of what to expect in terms of tenant demand and property management challenges.Let me know if you need any more info or want to chat further about this.I hope that helps

Seems like a no brainer, but I don't hear it talked about very often.

Otherwise, as @Nathan Gesner points out, it can be MORE expensive than hiring the right professional.ALSO:Recommend you first figure out the property Class you 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.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

When I was traveling in Europe, Airbnb's often included a bottle of wine.

As Gino noted, if you buy a lot in cash, that can often be contributed as equity in the deal for the loan, but depending on the value and LTV ratios including your current mortgages on the existing properties, you may have very little equity available to tap into from a refi/HELOC.It has been a while, but the construction loans I have been quoted have been 80% LTV of after construction value, capped at 80% of actual cost.  

As with any model the motto "garbage-in, garbage-out" stands, so more detail often means harder to use and less accurate.

We go up to the mountains quite often, so we have paid quite a bit of money to VRBO in the last twenty years.

@Ruth Reyes, along the lines of what Gustavo and John noted, HOAs can often change their rules pretty quickly.  

Lenders often consider a percentage of that rental income when assessing your borrowing capacity, which could make it easier to qualify for a new loan.Market Conditions: Analyze the real estate market in both your current area and the area where you plan to buy.

It doesn't matter what your favorite guru is telling you.Vouchers are generally assessed annually and the amounts can, and often change.