After some extensive research, learning the market is obviously a must know or have an idea about.

I advise you to research them.

Under any scenario, any state, someone who sits on their rights and lets someone get into the weeds to the benefit of the person who sat on their rights, will NOT have those "rights" enforced by the courts.  

I personally am interested in creating a long-term rental portfolio but I'd be interested in hearing any strategy, ie. house flipping, short term rentals etc.

Consider both the financial cost and the time commitment.Have I researched the program?

If she's willing, which it sounds like she is, your mother-in=law can get the line of credit with her property in her name and then you can just use the line. 

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick

They are floating marketing fishermen, and the stars of this pool are the Gurus who preach about motivated sellers/leads program/other catchy name.

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.