Most importantly is the information that is fed into the tool (along, of course with accurate calculations).I analyzed so many deals that myself or my partners were not inclined to pursue, I felt the time/effort shouldn't go to waste.

Make note of some important ratios and percentages such as COC return, IRR, CAP, yearly maintenance vs acquisition price, etc. 

Some states are easier than others; however, it is important to understand the process and laws of owning properties in another foreign state.

A real estate tax pro  can help optimize deductions, ensure compliance, and avoid costly mistakes most importantly so that would be the next step 

Communication is highly important to me as well. 

There are also a few important laws to consider; including, 45-day return requirement for security deposits, the eviction processes, and Indianapolis' mandatory inspections for single-family rentals. 

As everyone has mentioned being proactive before your property sells will be important. 

The screening process is so important and the one's who move people in all the time have a 6th sense for these kinds of things.

Trustin your PM partner is important and they will follow your lead, so don't expect them to provide you with your business plan. 

Yea I have been talking to some mentors and they have stressed the importance of having instant equity and multiple exit strategies in a market like this.