Not only that, partner with experienced investors who can partner with you on these deals- Usually it's a personal preference on which market to choose.

That said, through conversations with brokers in the area (and evidenced in the comps I’ve created) I’ve learned that this strategy may be slightly outdated as most properties are currently at market rents given the current rental environment, expenses aren’t a realistic lever to rely on to add value, and there is a real risk I get priced out of the market by buyers with cash, 1031 exchanges, and with longer term hold strategies willing to pay an extra $10-20k per key.

The occupancy even over spring break was low compared to usual.  

If not, you'll have to file + pay taxes out of state and also if you're using a CPA they charge extra.

I do a lot in Detroit.The quick good/bad:- S8 tenants tend to be rougher on the property (but not always)- Paperwork/inspections/etc. can be burdensome and tough to navigate (especially initially)- People often think FMR rates are guarantee rental rates but that's not the case- Usually the rent isn't 100% subsidized and a lot of people don't realize this- S8 tenants tend to stay a lot longer than cash tenantsOverall, I'm neutral on the program.

The real issue is it might cost you 1.5% more in one time closing costs to get that extra 5%. 

In Brandon's book on Rental Property he believes that it's usually possible to find good deals in any market.

If we need to leave paneling we usually hit it with a coat of bonding primer and paint it. 

Anything over is an extra $20 per $100k.

I have rural small town flips and usually net around 40-55k ish that's where I want to be on.