Encountered the same problem recently looking at a deal that was comped as if it pertains to residential comps in the area and if you cut the asking price by 50% than you get to the valuation based on NOI which is more realistic....

In particular, I'd suggest asking those folks about what types of challenges they encountered, lessons they learned, and mistakes they made with OOS REI ...It's a lot easier, safer, quicker, and cheaper to learn from other peoples' mistakes than to make your own...Good luck out there!

Insurance might be another issue you encounter, though. 

Thus far, I encountered two scammers.

To begin, go cautiously, absorb knowledge from every encounter, and adjust your strategy in response to input and outcomes.

These are the rents you can go by for rent increases or renting to new tenants.I usually underwrite for more wear and tear in my analysis to cover the bad apples, but luckily the majority of section 8 tenants we've encountered across the country have been grateful to have their unit.   

Also, knowing your customer will allow you to anticipate the rental experience and what types of tenant issues you might encounter (e.g., 19 yr old college student tenants are COMPLETELY different than 35 yr old traveling nurse tenants)…and lastly, it’s superimportant to know your customer, because in this case, you will be LIVINGwith your customer!

However, I'm somewhat concerned about managing numerous tenants, especially since I plan to rent by the room, which inevitably might lead to encountering a few challenging tenants.

Because it takes repetition for people to remember things and you have to be top-of-mind when they encounter a potential client for you!

This thread is dedicated to sharing those expensive lessons or mistakes we've encountered in the world of real estate investing.The purpose here isn't to point fingers or bash each other for the decisions we've made.