Like others have mentioned, there are definitely areas that make more sense than others depending on if you want to focus on cashflow or appreciation (just like with any investment).

A typical PM for full service is around 20-30% depending on the area.Or do you mean a PM that is local to you managing your out of state STRs?

I think it depends on the deal that comes your way.If you can find a cheap plot of land that's buildable and the profits exceed a potential flip's (you could also acquire), go for the build.Vice versa.

Typically, depending on the LTV - and we wouldn’t go above 50%, we’d be looking for a 18 - 25% annual return.  

It depends.

Franklinton can be spotty depending on what street you're on.

Whether it’s worth it really depends on your goals and comfort level with the process.

Thanks for adding that.I think that is VERY VERY market dependent.

I'd say the ideal amount saved would depend mostly on what markets you're looking to invest in. 

If its single family I wouldnt bother with a manager but 2 or 3+ tenants in same building I would consider it depending on how hands off you want to be on the tenant issues and how handy you are