Another pitfall is under improving properties in low income areas believing that since its a depressed area in terms of income the people will not have high standards. 

I do think southern NH/seacoast are great markets to invest in with potential for cashflow and high appreciation along with very low vacancy.

I have a husband and 2 kids and I promised my son we wouldn't move again until he has graduated high school (3 years).

Plus many hotels in the more nature-y places have non-refundable policies in place anyway and their rates are just as high.

If they won't provide you that, just assume very high on everything and lower your buying price.

Keep cash on hand and don't put yourself in a position where if your tenant needs a new roof or AC unit right now that you'll have to put it on a high interest credit card.Second, I realize that everybody's experiences are different and so is everybody's unique skill set. 

Lending is a highly regulated, complicated endeavor, and it's important to know all the requirements for licensing, etc.

I highly recommend a PM, but some people have the time and ability to self manage their properties. 

Populated areas.In my original post I provided a link on how to find good lenders. 

They planned on renting out the entire convent completely in a high rent area and use the proceeds to rent apartments for their residents.