Use tools like BiggerPockets Rental Property Calculator and Excel templates.

You make an excellent point about how certain issues may not become apparent until the tenant has lived in the property for a while, and that’s completely understandable. 

Both can be excellent strategies, but one option may be significantly better for you based on the answers to these questions.

It seemed to have all the desirable characteristics - excellent location close to beach, safe gated community, all the amenities, etc.

My personal favorite (and where I currently live) is Belmont, NC, a charming town about 25 minutes from Uptown with excellent restaurants, bars, breweries, and community events.

Scott is an excellent instructor and sincere in his teachings.

Hi Craig, excellent question! 

But, excel is totally fine in the beginning (in addition to your PM software to capture transactions outside of the properties).We use QuickBooks Online exclusively for all of our REI Clients.

I prioritize applicants with a high income-to-rent ratio, a good to excellent credit history, and a stable employment record.

You ask an excellent question on location.