Slightly concerned that I might catch a bunch of undesired feedback.

Examples of pitfalls include purchasing in an undesirable area, not understanding the market values (vs. list prices), not knowing the rental values (current and market), inheriting bad tenants, buying a lemon, going rogue on renting and management with no contacts / systems / no legal understanding of PA and Municipal landlord-tenant laws, not having trusted resources and contractors in place, using out of state lenders or shaky financing, throwing lipstick on a pig when renovating a house and wondering why it's ARV isn't increasing, tenants are renting, etc.

If you get an undesirable tenant, the solution is to break up and not try to enforce a random slick thing in a lease that a judge will likely not allow anyways. 

.: I read an interesting article not long ago considering how sort of "good intentions" lead to potentially bad/undesired results. 

They also wanted to pinch every penny in regards to amenities and maintenance and ended up with a mostly undesirable property especially when compared to competition. 

That's what I do.If you start dipping below these ranges you're going to quickly find yourself in undesirable/D Class areas.

This “fixer” is $150-$200k, and you’re still going to end up with an undesirable property.

These circumstances center around property that’s so low priced, needs so much work, so unattractive to home buyers, or so undesirable a location, that COMPETENT realtors are not interested in listing the property, oR acknowledge that an offer is not likely in a reasonable period of time.  

I just refinanced existing stuff at low rates, and have been mostly been on the sidelines.For middle class housing, in the past, a good rental was often in a desirable school district, but had some other undesirable trait so you could buy it cheaply, below the rest of the market. 

Zero regulation now might lead to oversupply with no barriers to entry and then could swiftly change to a super difficult regulatory environment whereby STR becomes undesirable.