Good points.I'd add square, level, plumb - license, insurance, bond - using permits to follow codepointing out problems the owner doesn't realize they have that are serious. 

Rents may be high, but where are taxes and insurance.

The ability to find a good sales price under $200K with low taxes and affordable insurance is getting harder to find but in Oh & IN its still easy.Inventory is strong and the rents are above normal so even though your under $200K you can still earn a good profit.

Please be careful that they might still be the dog and depending on the breed, your insurance may be in jeopardy.

All that being said I don't know about if a salt hot tub is better per se, I know it's better for your skin and I'd say perhaps if you're in a very health conscious area like Joshua Tree, some folks might be attracted to the idea of a salt water hot tub.

You should allow a 1-2 Weeks for the appraisal, and 1-2 weeks for title and insurance.

A good manager will handle everything from marketing to maintenance and tenant screening, saving you time and stress.Vendors and LandscapingBuilding a team of dependable vendors—like landscaping companies, contractors, and insurance agents—is critical.

Credit is a factor as bad credit may limit options, or may have the lender require you to put 10 or 20 years of taxes and insurance into escrow. 

Quote from @Mike Donovan: Found this thread as I am researching Landlord insurance as it relates to student housing.  

I took no money from the cash flow (when there was any) and I never made a late payment to the bank.This fall, nearly 12 years after the bank gave me that house, and over 15 years after I knocked on that door - after evictions, vacancies, insurance claims, and never taking a dime out of it - I sold that house and placed all of the proceeds in a 1031 exchange.