Here's what I'm accounting for currently:Mortgage (P&I)InsuranceTaxesElectricWaterTrashInternetVRBO/Airbnb feesGeneral/RepairsCleaning (though these will be passed through)If i'm super conservative on my monthly rate, I will need to rent the unit 10 nights/month to break even, if I am more realistic with the rate (according to my realtor who runs two STRs), i'll need to rent it 7-8 nights/month to do so.

Most properties are landscaped with water conservation in mind and therefore you don't have the expenses or hassle of maintaining large lawns, high water bills, large tree maintenance, etc.

I am barely looking at them because with my underwriting (that some would consider conservative), even properties below retail bleed cash.  

@Bliss HuNew real estate investors should start local with a conservative approach, focusing on areas near train stations and amenities.

@Allan Smith There are ways of getting a cost segregation done for less than $1,000 if you are willing to accept a conservative result.

For all yo know there could be a conservation easement on the whole 200 acres and you could do nothing with it?

So a operator/sponsor that looks fantastic to one will look terrible to another and vice versa.As an example, I'm a conservative investor and might see 100 deals a month and at the end of the deal only invest in 4-6.

just don't do a lease. as others have mentioned, this forces the buyer of the property to take over the lease (if its even allowed/ they qualify) and it certainly does make the property a little tougher to sell. i'm also doing a house hack, and here in CA, its made a world of difference for me. the bulk of our energy usage is in the summer when we want to run the a/c. my bill stays a constant $228/mo (i pocketed the tax credit and simply financed the panels after that grace period). instead of getting an $800 bill in the summer months, we run the a/c at a constant temperature 24/7 on auto, stay comfortable, and i typically get a little bit coming back at the end of the year. don't expect to pocket this "little bit back" by being conservative with your useage, it sort of is a use-it-or-lose-it situation... i think i got $54 back this year.

Hey Kyle, I'd advise running your numbers on the conservative side and google street view(or boots on the ground feedback) the area as much as possible since you are out of state.

Find off-market deals, run conservative numbers, stick to one market first, network with local REI groups, and stay patient.