State average homeowners insurance rates indicate the risk of natural disasters.Information Sources for Data-Driven Decision MakingUtilize these resources to gather the necessary data for your city selection process:Population Size and Growth: Wikipedia's Metropolitan Statistical Area pageAppreciation Rates by Zip Code: Zillow ResearchCrime Rate: Avoid investing in cities on this list.Comparative Homeowners Insurance: ValuePenguinProperty Taxes: LendingTree (as an indicator of overall operating costs)The Importance of Local ExpertiseWhile research and data are essential, remember that general knowledge only goes so far.

However, after accounting for long-term capital gains tax and other expenses, you would be left with $150k which is important to budget and account for.

Not sure how important that is, but we put it into our spreadsheet… trying to learn and figure out our best move!

Verifying last 2 years of rental history very important!

It's important to make sure your property is registered prior to your Court date.

@Bonnie Low - it's important to know what services you're paying for.

When choosing tenants (I am in California), it's important to avoid even the appearance of discrimination, especially during in-person meetings.

Trustin your PM partner is important and they will follow your lead, so don't expect them to provide you with your business plan. 

It is very important that the Wrap Mortgage is written at market terms using a knowledgeable attorney, an RMLO, and a servicing entity.These have risk and I'm not saying a new investor should go out and do them. 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.