They liked my offer and the rapport I built with them and decided they wanted to sell to me even though another offer was higher.

If you decide to go out of state, I’d recommend starting with turnkey properties and having a property manager handle everything.

They had carpeted the bedrooms and common areas, and the living room was still original wood...well I decided to pull up the old carpet and lo and behold - original wood in pristine condition.

Did you decide to go with Launch and if so, would you mind sharing your experience?

I won't go into all the details, but there always ends up being a significant problem in the documents I get or don't get, in negotiations, etc, and the trigger never gets pulled.For a variety reasons in addition to the above, including my wife's encouragement, I've decided to take a serious look at going the real estate route instead.

I was in the same point in my investing journey and I decided to start a management company of my own. 

Aircover is not real insurance, it only covers damage that a guest does, and only then when Airbnb decides you deserve a payout. 

In terms of other factors, I'm not sure there's a lot because I did have some people express interest in filling out an application before, and I actually got really close with one potential tenant, but it was because of the alcohol policy that he ultimately decided to back out.

I'm finishing renovations on a studio apartment (under another unit in a multi-family) in the next few days and am trying to decide on what strategy to use to rent it.

An duplex (main floor + basement suite) would be a great choice and you can decide if you will be living at the main floor or the basement.