@Aleksandra DrovalI'm not sure what statistics you're looking at but everything I've read and heard shows exactly te opposite, that hotels are losing to Airbnb precisely because of the experience.

There is no faster way to lose your pile than thinking price is a predicate for a sale.

As a neighbor, personally I don't care if someone smoke a little weed every now and then, but if they are smoking non stop 25 times a day, you might lose a good tenant over that. 

I've been in your situation and nothing can prepare you for losing a parent.

What if you lose your account?

If there's any equity there and they can't pay the mortgage they are going to eventually lose the house anyway. 

Also, your total returns go down without any leverage because you lose the multiplier effect of appreciation.Now, to answer your question.

If you dont have a great team to work with you can lose your shirt even if the house is next door to where you live... there are lots of great areas but only a limited number of great teams so our final choice has always been team driven... saying that we look for an area where there are lots of opportunities  and rental houses available in good areas using the 2 % rule  we found this in Detroit and Toledo  more then willing to share what we do and what we have learnt over the years

If you can hold onto these properties over time (ie cash flow sufficient to not lose money), you have already "won". 

If there was no appreciation, there is no need to do a 1031 exchange.I have never been a fan of condo's as you lose some control over the investment - You have no control over the monthly maintenance fees, you may not have control over who is on the board, you have no control over special assessments.I wish the investments turn out well for you!