For our second STR, we are currently researching Sherman, potentially / ideally, a less expensive duplex that we could rennovate and self manage from Dallas with workers coming to the area in mind. 

I would recommend you begin researching Chicago based meetups as there are a bunch of really good ones.

My dad and I got caught by that snag on our third flip years ago, and we definitely kicke ourselves for not doing a little extra research up front.

In today's world most buyers will come to a realtor with the 5-10 properties they already saw/researched on Zillow just to set up a showing. 

I've read Avery Carl's book and done a lot of research on (and off) Bigger Pockets.

Cursory research tells me places like Southland or Frisco have a good upside but we can be persuaded in all price ranges.

House hacking can be very rewarding, but at the same time - do your research on surrounding markets - maybe in the Oldsmar/Westchase area you may find something better out in those areas. 

.* logistics of maintaining out-of-state property and tenants* having time to research enough about this while moving across the country to be confident in your decisions and planning* having time to research other opportunities, what could be done with the money if you soldReason I bring up the emotional stuff because yeah property is a hassle, but there may be another vision that lets you get everything or most of what you want, with a little bit less hassle, or hassle in a way that bothers you less.

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.

Hi Chris,My advice would be to start by doing your own research.