It’s the perfect opportunity for an investor hunting for a smart deal.Located in a great area with a charming downtown, awesome local restaurants, and plenty of outdoor fun by the Guadalupe and Comal Rivers.This is one of those homes that doesn’t come around often—a solid investment with tons of potential that won’t take much to make it shine.”The county has it appraised at $188,000 and here are some pics.  

While you likely won’t owe taxes due to the loss, filing is still required since the rental property is located in Missouri.Kansas (KS): As a Kansas resident, report the rental loss on your KS state return (KS-40) since Kansas taxes your worldwide income, including out-of-state rental activity.Tax Impact: The rental loss reduces your federal taxable income and may lower your overall state tax liability.

It's also worth speaking with a local real estate agent to identify the best neighborhoods for rental income potential.

I understand Philadelphia requires a local property manager. 

I've confirmed it with a few other local real estate investors the same sentiments. 

Lower the qualifications.Real estate is extremely local.

The property was an off market sale, sourced through a local Realtor contact of mine.

But then spend a day in craft and antique shops nearby and buy colorful artwork, accessories, throws etc. to give the space a local vibe.

I would suggest setting "instabook" to "off", allowing one of the more flexible cancelation options, and having a minimum stay in line with your local ordinances.

@Audrey Sommer I prefer investing in my local market (Snohomish County).