I invest in the Kissimmee area, #1 rule of buying real estate is location. 

But rule number 1 and 2 in investing is don’t lose money.

It can also be an opportunity to discuss house rules and expectations to ensure you're on the same page.While being cost-conscious is understandable, investing a little upfront for proper screening can save you a lot of trouble in the long run.

Quote from @Brandon Foster: Hello Ryan,STR is do able in the north county area but there are a lot of rules and regulations.The city of Oceanside right now will not allow anything STR unless it’s west of pacific coast hwy.This is changing a lot too so you need to be aware of that in your plans.Carlsbad is super strict too but there are some condos that are still available to do STR in.Medium term rentals are as safer bet but way less profitable.

For FHA, I would ask your lender to confirm that they considered the 100 mile rule in calculating DTI.

That means that bank has its own set or rules/guidlines and can offer exceptions and offer more programs. 

I agree with the time/effort rule.  

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Yes, that depends if the “Step Up”rules still exist.J.

It falls short of the 1% rule which with current rates is not sufficient in most markets to have achieved real cash flow after properly allocating for sustained expenses.