A quick Google search turned this up:Some states, like South Carolina and Oregon, even require aspiring managers to carry a specific property manager's license.

There are specific occupancy requirements on the FHA loan, and generally you have to make payments for at least 6 months.

However, I'm interested in more detailed guidelines regarding the specific categories of expenses and income, as well as any operational assumptions you might advise.For instance:General and Administrative Expenses: How do we determine if costs related to software, credit card fees, office supplies, etc., are reasonable based on the size (square footage) of the facility?

I have no specific properties in mind as of now, but wanted to reach out to all of you and see what factors I should be looking for/at once I am physically there.

Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy).

Who does these (not looking for specific companies), is it accountants, lawyers, agents, and/or contractors? 

I wonder if this is area specific?

I'd get more specific with the 1-year goal as well. 

Additionally, if you have specific plans for how you're going to leverage equity in this property to make more purchases that could be something to think about. 

@Mike Morehead STR's are still profitable in Cape Coral, but there's a very specific criteria set that you will be needing to target to ensure you're able to compete in an already competitive market.