I'm not sure which places are best to focus on with rules and regulations getting strict in some places. 

They aren't spending their own money, so they are less likely to take care of the rental or follow rules.

 I think just a general rule of thumb is if you don't have experience, I'm talking years + and hours + in this field.

A good rule of thumb -- if the neighborhood has "Heights" in it- then it will usually have a POS.

While there’s no perfect formula, there are a few methods you can use to get as close as possible:For maintenance and repairs, a good rule of thumb is to budget 1%–2% of the property’s value annually.

Note with the current rules, I never plan to pay taxes on the appreciation. 

The general rule of thumb on refinances is to do it if you can make back the transaction costs within 2 years.

Quote from @Chris Seveney: Quote from @Jay Hinrichs: few things if these are sold to homeowners were the dodd frank rules rigidly followed when you did these.if they are sold to investors then DF doe not come into play.while credit and such matters keep in mind note buyers will want a 12 to 20% or more annual return..

Asking in the correct forum will get a better response.Read the RULES!

HI Jewell,If you were to use FHA again, this could trigger the FHA 100 mile rule + 1.75% upfront fee, however with a few exemptions Indeed FHA allows you to put 3.5% down payment to invest in 1-4 units.