$5.49 is the fuel tax per gallon in Germany, so my car drives 36 miles per gallon in city and over 45 miles on highway, better way then a bus :).

South suburbs about 25 miles south of minneapolis have great deals on townhomes/condos

I only use listing agents as in this case they hold the combo for the lockbox and may go that "extra mile" for a double-end deal.I had a HUD deal I lost on about a month ago when they took it off for a reduction and then I offered when it came back on.

True, its quite the opposite of its name yet as a REI seeking residual income properties, getting a property within a half mile of a thriving big city university isn't a bad idea.

But it only gets about 15 miles to the gallon.

It is much easier to manage properties a mile apart than it is driving across town.

Actually, I'm about 25 miles sw of the city of Chicago.Yes, I did find a group headed by *********** (see his reply above).

Outside of biking distance is much less expensive but desirability and rents drop way off. 0.25 miles (walking distance) - 2 miles (biking distance) tends to be the sweet spot, at least IMO and for my market.Good point made about flood insurance too, and that is NOT optional if you have a mortgage and rates are NOT negotiable, but set for the market ... become familiar with the map of flood zones ... if you can get just outside of the flood zone (depending on elevation as well as ocean proximity) and still in the sweet spot, then that'd be double sweet.As for hiring a realtor to fill it, manage it, and charge you a % ... depends on the realtor, depends on the %, and depends on your goals, availability, and willingness to self manage, but in a vast majority of cases, especially with a vacation type rental, it will most likely be in your best interest to self manage, at least in the beginning if you only have 1 property and little experience. 

During 2007 to 2010 and to date, the southeast side of Springfield, Mo. has grown, the south center are grew commercially.

For example, my blog is about while working full time, buy and hold investing, 0% Down Rentals, Personal Properties turned rentals, Long distancing investing, self-managing 3,000+ miles away.