So you would take PITI + (any HOA, management fees) and make sure that rent is higher than expenses.

But the other factor is what you mention about investing in a "tenant friendly" state.

My payment processing fees are pretty much going to equal the 3% airbnb fee.

I also take an 8% management fee on the properties now - I did not for the first year.

My first time seeing this site, so I'm not an expert with it and I also don't know how they collect their data (big factor).

One with 90+ members is great because it affords the HOA a lot of economies of scale with vendors thereby keeping HOA fees lower.Review the HOA financials and make sure they have a substantial reserve that would cover a hail storm deductible and/or other storm damage.Read the Bylaws to make sure they're rentable and check the pet limitations.Check the common grounds for any big ticket items that may need replaced soon.

Some require lien releases to be signed, others didn't, but we always got them anyways, so as not to get ourselves in trouble.All of my loans had draw fees (typically $150-$250 per draw), and they all allowed me to pick the schedule of draws.  

from everyone in your current network and make sure that total amount if 150% or more than the money required to close.There are a lot of other factors to consider but the above it a good start.

Have the borrower pay for any fees and agree to sign up with the same servicer. 

There are 80% options available, but often they come with chunky origination fees.