I'd recommend staying within 10-15% of the median priced home because that's where the most demand will be not only for renters but owner occupants as well. 

@Max Briggs I would recommend checking out the landlord resources tab on BiggerPockets.  

I’d recommend using Excel or a tool like Trello or Notion to track what you need, compare deals, and stay on budget.

So you would spend around $25-$30k a month (this was 15 years ago) on police details and require union gate and non union gate if you had non union workforce as well.In DC area, the utility providers are a huge challenge, whether getting permanent power, or water/sewer service etc - good luck.

Only a few simple documents are required, including a valid passport, birth certificate, and proof of address.

I recommend having a contractor walk through the property before submitting your offer, or you could make your offer contingent on a contractor walkthrough.

One of the biggest challenges for everyone involved is being on the same page about the actual time required for maintenance.DIY landlords rarely properly track their time when it comes to property management in general - tracking their true time invested in maintenance is where they perform the worst.Investors that hire PMCs are rarely any better at understanding the true amount of time maintenance takes.

What’s required for success in this is deep knowledge of real estate in general and the area in particular; experience in real estate and the local laws, etc.; and capital to pay for options, marketing, legal counsel, accounting, tax advise, etc.  

I'm being required to pay another application fee and then $600 application fee to hopefully get this approved by the Board to allow me to continue running the STR that they approved 6+ months ago. 

Here’s how you can stay informed and ensure your rental properties meet all legal requirements.1.