You find the numbers, and strategies that work in any specific market you choose, then wait until a property pops up that meats that criteria, and jump on it."

This was my first property, and while it's been a great learning experience, I made several mistakes along the way—ranging from choosing a realtor who was more focused on closing the deal than finding the right house, to having a poor inspection and overlooking issues hidden beneath the surface (literally).

Quote from @Shakthi Kamal: If you don't know the answer, choose the umbrella insurance.

I agree that the mgmt fee 15% should be exclusive of the cleaning fees so 15% of $30k better which $4500.  

Here's why some choose bricks and mortar:Tangible Asset: You own a physical property with potential for appreciation.Leverage: Use debt (mortgages) to magnify your returns (not possible with stocks).Passive Income: Rents provide a steady income stream (dividends are not guaranteed with stocks).

Then focus on improving your interviewing skills to help you build a solid team on the ground wherever you do choose to invest.

And he invested n different state/city simultaneously.If there're two syndications that can offer the same IRR , with conservative underwriting and integrated company , who would you choose ?

How do you balance these considerations when choosing a location? 

That stuff I can hire out more in the future but I am choosing to put more of my maintenance budget in my pocket for now. 

There are more listings to choose from now than any other time in nearly a decade.