When it comes to exit strategies, it is definitely a wise choice to choose a property where the LTR rental rate will at least break even for you; however, there are plenty of investors who take the risk of going all-in on the STR exit strategy when all other exits are not projected to be profitable.  

Any other tips and suggestions to choose my market is appreciated. 

I like to choose by location because the roof companies tend to target those areas.

Real estate has the ability to earn income through rental payments that can be adjusted as prices go up — a boon for investors or homeowners who choose to rent. 

Can I stop renting to tenants after the 1 year lease is up, or do I have to let it convert to a month-to-month until they choose to move out? 

I have the green light to close on the 62k if I choose.

I bet they have a list of approved education/licensing criteria service companies you can choose from. 

(EX: If you choose cold calling, get Mojo Dialer and start cold calling your skiptraced list). 

I.e. you can choose not to spend on a 15 yr old roof today, and probably don't need to, but you will have that roof replacement coming in 5-10 years, assuming you still own the property.

This is another position you can tie to the net if that is what they choose.