I’m currently targeting properties in the $200K–$500K range, depending on the location and potential cash flow.

-----------------------------------------------------------------------------------------------------------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?

It's a 5th wheel located at a campground.

@Tove Fox hope you find this copy & paste useful:)-------------------------------------------------------------------------------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?

My ideal location is in the middle so I'm away from severe flood risk, but still 15-20 mins tops to downtown or the beach.  

It's same as everywhere but location is everything as Japanese population has been declining all prefectures except Tokyo, Nagoya and Fukuoka.

@Joshua Bautista located in indianapolis.. i'm a 100% newbie at this.. but it appears that the winter times are quite slow in Indy..

It seems like location would be especially critical with pad-split (and similar systems), but I’d love to hear your thoughts on what to watch out for in terms of zoning, safety, or demand.Also, I’ve traditionally rented out units the regular way, so I’m curious how screening tenants works for you with the pad-split (and similar) model.

I'm guessing it's the winter and the location.

@Adam M.The cost for a real estate tax accountant will vary based on location, experience, education and other factors, just like any other professional.