I think quality, amenities and location would be key. 

The supply constrained part is key because that area of Central Arkansas is not a growth market.Also may be partnering with boots on the ground...met a few candidates while visiting.

Turn key operators in warm belt states there is just not enough inventory for a viable business model unless it is at much higher price points than cold belt.Cold belt states tend to give off higher cash flow at lower price points but in general the growth patterns and appreciation levels are more isolated.

I deal just outside of those areas and I am getting 700 rent which is 8400/yr = 4200 NOI and selling houses with those numbers in the 20s. turn key. so paying 25k you would have a 16 CAPThere are a TON of ways to analyze, but this way is Conservative. and when wrong, you end up with a higher ROI. 

If you don’t know off the top of your head (you really should make notes of key dates for end of due diligence and closing).

Rent paid in full but keys has not been returned.

Meaning, have all your Ducks lined up, (Loan Pre-Approval, etc) so you can make an Offer quickly, but also know if your looking in the right area & right price range - the market will deliver - eventually! 

Or can someone share key points that would go into this document?

All will play a key factor in help us come to an ultimate decision.

Your intention behind buying the property is key for taxes.