If you are ultimately looking for a mostly hands off solution you have options there as well with single family turnkey.

What type of property do you plan to purchase(Single, multi, commercial, etc) and where do you plan to buy it?

Purchase price: $417,500 Cash invested: $37,575 Technically a single family by zoning, though set-up to be a duplex, with 3 beds and 2 baths per unit.

Additionally, develop some real estate metrics so that you may measure markets evenly and objectively. 

Purchase price: $690,000 Cash invested: $172,500 Took a gamble on a larger single family home in an up and coming master planned community.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

One strategy is to pursue properties (in your preferred markets) that have been listed for sale for over 90 days (even longer is better).

I will say that even though you get the boost from VRBO and AirBNB, the first year of operation is usually lean as you build up the rep.Offering a discount on the stay is a way to be more attractive but don't go crazy.

This is for a 3 bed/2 bath single family rental home.All input would be appreciated! 

Single you get 250k exclusion of taxes, married 500k exclusion of taxes on profits.https://www.irs.gov/taxtopics/tc701