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.

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.

We also had newly minted BP member, @Josh McNicoll, (Yes, we encourage all our MeetUp members to join the BP Community) talking about his experiences in Kansas City, Missouri, and his strategy for vetting properties, getting them inspected, getting pictures taken of them, and working on deals, all from the comforts of his home, 6,500 miles away in Seoul.Overall, we felt it was a great success.

Someone told me that a Walmart being built within 3 miles of your home increases your property value by 30%.  :-0The two things I don't like about the home...(1)  The abandoned (possibly condemned?)

I would try to stay within one year (six months is way better) and I look for inside of a 1 mile radius, if possible (1/2 mile is way better).