Similar to how condo associations run their reserve studies, you would want to analyze each item (i.e. roofing, siding, etc) and their remaining useful life as well as the cost to replace.  

I am new to really diving into real estate investing, but the more I study and I glean information from the likes of people on BP, I realize that REI is not a one size fits all.  

For all the reasons why individuals are anti-turnkey (over inflated #'s, bad rehab, the way the area is sold vs. the reality of the area, lack of market knowledge, overpaying) can all be avoided through due diligence, studying and visiting the market and aligning yourself with an excellent team. 

Unless your bank accounts are really FAT, this is not the time to being a 3 year self-study course, especially if you have a family.REI takes T I M E to develop and you're going to need a means to pay the bills while you acquire the new skills. 

With crowdfunding sites growing every day, investing all over the country is as easy as reading appraisals, market studies, etc, wiring funds, and collecting your share of the rent payments.  

I have studied this extensively.

Study Robert's Rules of calling and holding meetings.

One other thought about this Zillow study:  it doesn't really account for ROI, at least that I noticed.  

A book used by law students as a study guide (not the text, more like the Cliff Notes) for classes in real estate and land use law.Secured Transactions for the Practitioner, by Frank Peretore.

My mega smart uncle drove a cab while studying at Columbia University... told me to drive neighborhoods I liked, go to the building and ask for the superintendent.