I've been studying and actually doing comps intensely lately and I think I've really started to nail it down. 

This will be the most time intensive step as you will have to do this for multiple markets before deciding on your top 3-5 before moving onto step 2.Contact Local Professionals: The second step is to talk with local experts, namely real estate agents.

I'm Adam I live in Lawrence home of the best basketball school in the nation.

With some nice upgrades, I would hope to target staff, grad students, or even the more responsible undergrads.I also understand the STRs are more work intensive but the returns can be much higher.

REI is a capital intensive idea. 

This will be a capital intensive endeavor.

Multi-units often have amenities that are not common in SFH like tennis courts, basketball court, picnic area, clubhouse, swimming pool, fitness center, etc.

(older inventory is asking for bigger repair & maintenance expenses)I would suggest you temper the reach for yield and instead target higher quality inventory that will require less intensive management.As far as geography goes, I would pick an area where you have some trusted eyes & ears with boots on the ground.

This is a cash intensive thing.

STR are very time intensive and require fast response.