Many OOS investors set themselves up for failure because they don't invest the time to ACTUALLY understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.Class A is relatively easy to manage, can even be DIY remote managed from another state.

So, now they're stuck with a non-appreciating (or even depreciating) property, that only attracts bad tenants, that no PM in their right mind wants to manage.

A pool is a must, and the home must have theming to attract the Disney crowd. 

The idea of having a cash flowing portfolio large enough to reduce or even fully step away from my regular work is obviously very attractive, but as a total beginner I don't want to set my sights too high without first gaining some experience in REI.

To those who self-manage luxury rentals and are not licensed real estate professionals, are you concerned about your listing (listed by owner) attracting scammers?

Set your rent a little below market to attract more applicants.

One of the ladies died from health complications a couple weeks ago and so the other lady moved out already as she informed me she wouldn't be able to afford the rent by herself. 

Tends to attract a younger /trendy crowd.

Considering refinancing if rates become more attractive or I need the cash out for something.

Up-and-coming areas: Consider areas like Heights, Fifth Ward, or Third Ward, which offer potential for growth and affordability while still attracting visitors.