For property management, I am personally a fan of managing your first property (with proper education or mentorship before beginning) since this is where you will learn first hand what is required in managing a tenant.

Be sure to factor in repair costs to keep things profitable.

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

@Marcus Everett,Welcome to REI and you have found the best place to learn in the BP community.  

There's a free 7-day trial for you to poke around on those forums and learn more.

I previously owned a long-term rental that I bought from a parent and rented to family for over three years (lesson learned!).

I am a co-host in Dallas and Waco, TX and I have an idea of what types of owners and properties I want in my co-host portfolio----and with each client/property I learn which qualities are working for my business setup or what qualities I need to be working on to upskill.

Make sure you understand exactly what they want to see and when, all through the build process.

I wouldn't tackle it yourself, The IRS instructions for it estimate 22 hours to learn and complete the form. 

I am sure rest of you will have learning experience of your own soon and will agree with me.