The challenge with unsafe areas is (1) potentially higher cost of maintenance such as broken windows, etc. and (2) this is by no means meant to be discriminatory but anecdotally from people I've spoken to the challenging tenants tend to be at the lower price points.

This approach is cost-efficient and eliminates the complexities of dual-state filings.

I've already picked up some great tips, like focusing on operating costs, using comps for ARV, and the unicorn-like nature of good contractors.

Most PM software allows late fees to be charged.Ours allows us to absorb the cost of tenants paying electronically thru the software - it usually wants to charge tenants, but we want them to pay electronically.We manually charge tenants a Processing Fee for mailing in their rent, a slightly lower Processing Fee for depositing to our bank.Your success will depend on the Class of your tenants.

You are only adding complications and costs with the LLC with no upside  This is all assuming there’s been almost zero appreciation and you shouldn’t sell tax free while you have the chance. 

Finding durable products at reasonable costs. 

@Ross DerouenBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

Time and practice will still teach you as you do deals but it will help you understand what things costs for the size of the property 

If any costs go up, developer eats it.

If you live in a high cost of living area, investing in more affordable out-of-state markets can be a great strategy.