Also, for those who invest OOS, do you find one market you specialize in or do you tend to bounce around and cherry pick from markets in several locations? 

Shane is absolutely correct on the premium locations he listed above.

My top locations for luxury Oregon Coast Real Estate Investment, estates and ranches are: - Brookings, Gold Beach and Bandon - One of the few stretches beyond Big Sur that you can actually drive along the Pacific Coast Highway at altitude.

Chicago, with its vibrant neighborhoods and strong rental market, is a prime location for this strategy.

We source from suppliers that get them directly from the ships - these are normally near port cities (ours is located in Houston, TX).

I can say I'm biased because I'm located here, but the numbers work and it meets all your conditions.

There is no penalty for the tenant to end the lease at any time with a 30 day notice"...And the reason I did this is because it is very important to me, with small town circumstances and dynamics for my family in the town the rental is located in, that the tenant not be disrespectful or unfair in any way. 

if you look at forced appreciation you can do that as a strategy but you are still limited by market supply, market economics, property ages you can't control. the strategy we do Is build to rent development where you build an asset 25% below market through infill site selection, land entitlement which boosts property values, as well as refinance once the property is stabilized. new construction you can't build something unless it appraises 25% below market anyways. so I think the majority of biggerpockets is focused on the strategy you mentioned but part of what I try to do is show other strategies that involve land, new construction, build to rent development, land development, land entitlements, smart asset design of smaller floor plates, infill locations where equity and values are higher, etc. we do this in Columbus Ohio.

I'm going to look at price, location and pictures. 

With $1mm cash we can do 3 locations netting $40,000 before income tax per month.