I personally like to buy in towns/neighborhoods in which no new builds are possible within 10 miles because all the land is developed.

I invest in college towns and resort towns mostly with a summer lake warm lakes and ski hill within 30 min with little to no vacancy. 

There are a couple of things I like about them but one of my favorite things is that it allow me to control if I will allow partial payments or not.

Common misconception that the fed funds controls mortgage rates but that is not how it works. 

A general rule of thumb though (not a hard rule) is that if a market has a prolonged history of vacation rentals such as towns whose commerce is very dependent on tourism like beach or mountain towns, then there is a good chance than those towns have established their airBNB regulations decades ago and are likely stable.

While the property is in a smaller town, it’s relatively close to a larger city, which I think adds a lot of potential for attracting both short-term guests and long-term tenants.The motel has fewer than 16 rooms, and the nightly rates are extremely competitive for the area.

Find one in your  town certified since 2007 http://proadvisor.intuit.com/search/index-standalo...  

I'm in Steubenville, Ohio a small town with limited resources.

Quote from @JD Martin: Quote from @Jay Hinrichs: Quote from @Matthew Drouin: Small wine town is all I needed to hear.Seasonal tourism is usually not a great industry in which to build a sustainable business.There are probably higher and better uses of your capital near high velocity metro areas.We have small wine towns near our city in the finger lakes region of western NY.  

I, too, suggest having your bank account with a bank that is popular and easy to access in your tenants' town.