@Blake LowdermanI would look deeply into the properties past rental performance. if the numbers are EXACTLY as you mentioned I would consider the deal.buying at these terms can be tempting but you have to make sure you are not "buying" some one else problems. definitely research the past years income and expanses and verify the numbers.I have personally dealt with properties in small towns like these - its a bumpy ride:-)

Do your research, check multiple resources, and find people you can trust.Don't be afraid to ask questions but try to be specific.Bad question: "How do I get started in real estate?"

I was interested in the secondary processing and was worried about the legal liability from the fed.We do pharmaceutical research in the lab.

You need to invest both money and research over time, which includes reading a ton, like @Jose Matuk mentions.

https://www.marcusmillichap.com/research/researchreports/reports/2018/01/05/2018-us-multifamily-investment-forecast

I have friends in the area, and I have been researching the short term rental market there.

I will take a look inside, see what the state of it is and do some more research. 

Assuming your not doing your own servicing then the majority of states you do not need to be licensed in but you need to register your company as a foreign entity.NMLS is probably the best site to research it but if you let people know what states your interested in then ask around.

My thoughts are based on my experience Selling/Managing Residential Real Estate and my research/observations into the field of Real Estate Investing.If you are interested in Real Estate Investing I would suggest you research the different types of Real Estate Investment types and find the type that matches your budget, experience, goals, risk tolerance and energy requirements (among other self selected criteria).

I am visiting soon and will be starting my research but anyone who is familiar with the area that has any knowledge or contacts that could help would be much appreciated!