@Polat Caglayan very ambiguosu question, but read the helpful info below to guide your next set of questions:)-------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I am not.Now, esteemed attorneys, please set me straight if I am wrong on this.PS.

We set the purchase price at about 10% higher than todays value and we don't have to pay for realtor fees or closing costs when we go to sell the property.

I would only add these two: FIRST - people constantly ask which algorithm to use to get their prices set.

Not sure which markets you're considering, but if you set your sights on the coast I can help with local lenders, attorneys, tax pros, etc. 

I know the work that goes into setting up a vacation rental. 

To avoid that, set a firm, realistic budget from the beginning and make sure you stick to it.

I would set up calls and then sit in and listen, every day, typically a few times a day for around 6 months.

I’m not completely set on only doing out of state.

If you need income that'll be a certain set of options if you're trying to free up time and not be responsible for property management because you're planning to travel in retirement that'll be a different direction.