I would focus on homes with dysfunctional floor plans.

Right now we are just finishing out this year before we really put the gas pedal to the floor. 

-Structural (foundation, wall, ceiling and floor)-Roof and Exterior(Roof Condition,Gutters and Downspouts, Siding, Windows and Doors)-Plumbing (Water Pressure,Leaks, Drainage, Pipes)-Electrical (Wiring,Outlets and Switches,Breaker Panel, Lighting Fixtures)-HVAC(Air Ducts, heating and cooling)-Water and Moisture Issues(Attic, Mold and Mildew)-Kitchen and Appliances-Bathrooms-Pest and Insect Problems-Safety Features

Our plan was to rent it for 3-7 years, and then sell it, before a roof, HVAC, plumbing, or even much flooring was in need of replacement. 

STRs also avoid automatic classification as passive if rented for seven days or fewer per tenant.To maximize tax benefits, maintain detailed logs of all hours worked on activities like tenant communication, cleaning, maintenance, and marketing.

Property is 1 bed condo, First floor, build in 1993 and we are buying at 130K in Florida. 

It is entirely possible to self-manage with a strong cleaning team.

Plumbing fixtures, light fixtures, flooring, cabinetry - everything you are using for the project should be found on these design boards.

Like deferred maintenance, (bad roof, worn out water heater/AC Unit, warped flooring, water damage) etc, unpaid utilities,  unpaid taxes, a second loan, unpaid HOA fees, a bad pool, bad reputation, sometimes squatters, sometimes they were drug houses, and so on.

First of all, my personal credit was a very good at 735 midscore. 100% financed tidied it up just a little bit more with  just cleaning up a couple of things on my credit.