Know your market (or partner with someone who does) AND do research, research, and some more research.

I worry that a disgruntled renter could see potential deep pockets if they did their research. 

It's rarely talked about, it seems.I looked at some listing in the Research Triangle in North Carolina but the cash flow doesn't seem great, especially there could be a major assessed value/property tax increase as there was a lag of 4 years in NC.

thanks everyone @Edgar DuarteI would suggest you research “return on equity”.  

Thank you all so much this helps tremendously I will jump back into the research! 

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

@Walter PinedaEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Just make sure you do you research on Manufactured guide lines and requirements. 

My family actually have some properties in FL, and I have also researched this area quite a bit and I saw it might fit my strategies. 

I randomly picked three OTC parcels in an Arizona county and did some basic research.