•If your goal is stable long-term tenants, you may want to target young professionals or grad students who stay year-round.4.

Estimating is both art & science and FWIW most professional estimators rarely get it spot on, usually operating within a Delta.There's tons of estimating books, software etc.

My goals are to start building an investment portfolio of professionally managed (I could tell you all the reasons I will not do it myself) multi-family properties and, in time, develop a property in the Northwoods (Wisconsin/UP).

Best neighborhood and best assets are subjective and largely based on the individuals capabilities (balance sheet, skill set, time etc.)

Along the way I've learned a lot of trade skills as well which goes a long way helping to maintain assets. 

Negotiating favorable terms is both an art and a science, and in real estate, it's a critical skill that can make or break a deal.

Second only to fixed costs of operation which disproportionately impact the lower cost properties often leased to subsidized tenants (also rarely represented correctly on spreadsheets pre-purchase).

Laws, taxes, insurance, adventure, new challenge, grow skills, etc. 

I think Landlords are better off using strong policies, knowing the law, acting quickly and professionally.

Quote from @Michael James Hamlin: We just moved to Baldwin county and we are looking to network/partner up with other professionals in new construction, fix and flip or commercial.