@Charles Rosenbaum - I would love to hear if you've found something that would prove my assumptions wrong! 

You will know once you've found them. :) 

If you dont have a great team to work with you can lose your shirt even if the house is next door to where you live... there are lots of great areas but only a limited number of great teams so our final choice has always been team driven... saying that we look for an area where there are lots of opportunities  and rental houses available in good areas using the 2 % rule  we found this in Detroit and Toledo  more then willing to share what we do and what we have learnt over the years

Squatters are a real problem nationally and a study found that they target not only vacant properties but those advertised for rent or sale that offer 'immediate occupancy.' 

If you've been in similar situation, have you found it brings an issue down the road with future tenants or current?

Quote from @Bruce Woodruff: I had 2 STRs and found that the only way to make good $$ was to do everything myself.

I have found that I get more appreciation on the single family house because I can sell it to an investor or as a primary residence.

A few months after purchasing the condo I found a property about an hour outside Salt Lake City.

We found two contractors and the bid we received to finish the work were higher than the bid we contracted to complete the entire rehab! 

I have found sellers often place priority on seriousness. - Post closing Plan.