The training as compared to other "guru" programs is not much.

I would factor in time to travel to any market, but AZ is relatively quick compared to the east coast. 

SO many more options and the reduced responsibilites and work loads are under valued until you deal with them.. lol Also when you factor in management fees it can be quite comparable in net proceeds, without the wear and tear on the property and furnishings. 

I've attached the median list price for Detroit here as well to compare to something like Cincinnati. 

I get the distinct impression that these folks genuinely think that this rather mundane arbitrage program, coupled with forced savings, and placed into a very high cost insurance product wrapper earns 20% ROI when in actuality they’re looking at about 1/3 of that.

Also would love answer to the following: - Are there any specific challenges or advantages you experienced compared to a JV structure?

CA has inverse values compared to most of the nation..

I've heard Cape Coral in particular is slower than the rest of SWFL, but don't have anything to compare it to right now. 

In Washington State, there’s often a distinction between short-term guests and tenants, but repeated and continuous occupancy can blur those lines.

That's it, but a) print out a page for each property you think is comparable, b) make the list of repairs long and inclusive of everything you've done. c) Put larger items first like kitchen remodel......and don't just say 'kitchen remodel', list things like 'custom backsplash tile/Bosch appliances/recessed can lighting/pot filler/etc. d) Cite the price/value of the work done, and don't be afraid to be generous.