Every area is good for rentals if you have the right properties and rent prices.There are areas, however, where I don't want to own rentals.That being said, Craigslist is not a way to test the strength of a market.

Once I get the utilities hooked up, ready to go and I’m ready to look for renters, am I legally allowed to ask for a drug test?

As mentioned by @Robert Tinker cash flow will be slim after taxes.  

The main issue is you need to meet the substantial improvement test.

Assume that (in a given year) I'm a Real Estate Professional, and I've passed both the 750 hour test for my real estate activity and the 500 hour material participation test for a rental property I own and manage.

However, in 1946, the WJ Howey case gave guidance on what a security actually is by establishing an easy to use test: 1.There is an investment of money.2.In a common enterprise (more than one investor).3.With the expectations of profits. 4.Through the efforts of a promoter.

I could lease my dog to these flooring companies to do stress testing, and she has wrecked some other brands, but the nucore has held up perfectly!

@Ephryn Thompson please be aware that FHA has a self-sufficiency test. 

Having no construction back ground will make passing the test difficult.

How would you stress test your portfolio?