Don't attempt to figure things out on your own or act as a GC or PM when you are using other people's money. 

congrats my friendHere is one piece of advice I have for you:As you attempt to find what area to invest in, use this website https://www.areavibes.com/Its a great resource and starting point for what an area might look like and it has something called a "livability score".

However, I have heard and read of many horror stories of landlords working with incompetent property managers who provide no real value.In attempt to avoid this issue, I am doing my due diligence and asking investors for referrals of trustworthy property manager.

The seller is currently attempting to purchase another property but is facing challenges due to the inability to hold two FHA loans simultaneously.

If a problem arises with the property, the City will attempt to contact the owner and hold them accountable.

Quote from @Jackie Liu: Hello BP member, I have a friend who currently owns several SFH rentals that is currently managed by a PM in Indiana, according to them the PM has been unresponsive for 3 months, all their attempts to reach the PM has been uneventful (phone, message, etc.).

If you said the property was valued at $200k, then 2nd position may still bid in an attempt to run up the numbers depending on what kind of haircut they're looking at. 

Unless you've got deep pockets, a thirst for the edge, and are lawyered up it's probably not something you want to attempt. 

@Philip Beckwith, I disagree with some who think this should only be attempted for larger gross errors and also that you need to hire a company to do it.

As I mentioned to Michael, I'm attempting to see if our returns and operations are relatively inline with the expectations of experienced STR operators.