I has two GREAT property managers that immediately come to mind, one handling 5 high end high rise condos I owned in Phoenix and the other one handling a 12 unit very lower end apartment building I owned in Arlington, Texas.  

Markets like Texas (San Antonio or Dallas) or North Carolina (Charlotte) could offer better cash flow with lower costs.

The problem with vacancy is it assumes all products are the same, our 2 bedroom which is designed much better than our 3 bedroom and more thoroughly remodeled has lower vacancy.

So in that a much lower rate of return is acceptable given the safety and certainty level of things. 

Just google the following: - special assessment - zombie condos - Florida condos (look for recent news)Since you are not living near the properties anyways, why not look in a landlord friendly state where the purchase prices are lower?

Just like bonds & stocks, different properties will have higher & lower risks.

A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

These markets are attractive because of their diverse, resilient economies, lower priced homes, and stable home price appreciation.

Most hosts just lower their prices when things get rough but guests just want am interesting experience. 

Pros: Lower interest rates, flexible access to funds, and leverage without selling your home.