If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

This is a great place to learn and to connect with people so take advantage of all the great resources.

What you can learn from this and show them can set them up for life.  

Lessons learned?

Sure. 

Hi Daniel, Columbus GA has properties much lower in price than the metro Atlanta area, you should do fine to learn your local market.

You can learn something from everyone" is my motto. 

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

I am also listening to the Bigger Pockets podcasts daily during every free period I have throughout my day while trying to learn as much as possible.

Quote from @Riggies B tang: I am looking to get into AirBNB in the Cleveland market as well but not sure which part of the city is good for this model.