But southeast and midwest cities (not including Chicago or Miami or most of Florida) are your best bet I agree BRRRR are more challenging than prior to Q2 2022, but I do not agree with your premise as to what market is best. 

So, I'm looking to invest in other markets and trying to focus on one or two so that I can build knowledge over time, but narrowing it down is a challenge. 

I think the 0% origination will be challenge.

What are some areas in the state that wouldn't present any challenges in finding a tenant? 

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.

These types of properties require experienced management to navigate the challenges effectively.

Very challenging if not impossible to make lot ratios work if the existing property isn't conducive. 

What are the challenges of passive investing as opposed to traditional real estate investing? 

However I did note that houses are mostly really old, e.g. 100 years or older... any idea if this poses challenges in things like lead paint presence, outdated wiring, rusty plumbing, etc., or have many of the homes already been updated?   

Hi Jonathan,Congrats on your first big renovation deal—it’s an exciting challenge!