While they offer great general advice, they can't speak to our market, or the potential of a property located in Scottsdale can provide if held. 

Since you're not rushing for a quick flip, you can focus on quality construction, tenant-friendly designs, and strong rental markets that yield solid cash flow and appreciation over time.A few things to consider: Location is key.

Idk if I like this tertiary of a location way outside of DFW.

The main thing is to stick with great location and premium properties.

I didn’t see your location in your profile or your post, but assume at least 17% state/federal taxes leaves you with $10k/yr. 

@Ofir R.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

While there are some markets I feel are so saturated it is near impossible to be successful in todays market (Orlando), in most competitive markets you can be successful if a) have reasonable expectations and b) do everything right (price, location, pro design, pro photos, etc etc). 

Given the location and how the town has been developing it seems like a good investment opportunity for rentals.

You'd want either an LLC in the state where the real estate is located or you can also just put it in your name and take out a good landlord's policy from Farmers, Erie, etc. which will protect your investment just fine. 

The home is in a great location in Big Bear Lake, CA close to the Village and Ski Slopes.I have an array of emotions being scared of failung and excited all at the same time.