I do however support investors who decide to go down that route if they are tied to the area and want to live there and collect supplemental income: there is no wrong in doing that.

We are talking $500k properties with gross rent potential of $3k after some repairs.I am looking for someone to supplement my lack of time (I have a demanding career that I enjoy) but haven't had much luck.

In May while listening to "this american life" an add came on for the bigger pockets podcast and I have been listening to about 5 episodes per week and supplementing by reading real estate and business books.

Side note, this tenant has also just lost their Housing Voucher, so I have a feeling I may have to evict said tenant sooner or later because they no longer have the rent supplement. 

Before I get into the numbers, I will say that my long-term investment goal (the why) is to gain passive income through long-term buy-and-hold rental properties in order to supplement a military pension in ~10 years.

Many, I mean...MANY owners/investors are turning to STRs as a way to supplement their income and/or find a means to offset the higher mortgage costs. 

You can order a property profile report from a local broker or agent and it will display the tax rate based on purchase price and any supplemental tax over and above the typical 1.25% - 1.3% tax rate. 

Your broker should provide initial training and mentorship, but there is plenty of additional supplemental training you can get online (I use a LOT of YouTube videos from agents in my brokerage). 

@Darryl JenningsHere are some of the metrics that I find valuable to understand:- Population - Home Values- Household Incomes- Rental Vacancy Rate- Homeowner Vacancy Rate- Poverty Rate- Educational Attainment Rate (High School/GED & Bachelors)- Number of Housing Unit- Rent to Income Ratio- Rent to Price Ratio- Population on SNAPS (supplemental nutrition assistance program) percentage- Property Tax Rate- Median Age of Buildings- Number of Structures by Units (SFR, Duplex, Triplex, Quadplex, etc...)- Median Rents by Number of Bedrooms- Unemployment Rate- Employment Sectors Percentages These are just some of the indicators that will help you understand the quality of an area as well as the kinds of returns one is to except.By taking into consideration the direction in which each of these metrics are trending, you will better understand where the market a whole may be heading.

Refinance, supplemental loan, etc. should be a BONUS, not a a necessity.