What doesn't work as well is the beginner who buys for appreciation in a high market.  

And I'd highly recommend doing a once-per-year walkthrough of the property yourself, so you know the manager is working in your best interest. 

I am worried about getting in with the prices being so high in the entire Portland area, but I’m more worried about not getting in and getting my real estate portfolio going.Best Regards,Justin

The issue, of course, is that renting close to a college/university is highly seasonal in that students want housing mostly for the beginning of the fall semester. 

@Karan Shah Plano is definitely in high demand.

Any recommendations from out-of-state investors like myself would be highly highly appreciated.

I gave him a bill for the damaged ceiling, he said it was too high and will not pay that amount.

I’ve been spending time there since I was a child and it feels like a great place, (except for the high crime and drug use, areas which I would never invest in…).

There is some accounting included, like owner statements and keeping track of all the important numbers for a STR property...i.e. occupancy, revenue, RevPAR, etc.As for guidebooks I highly recommend going on Etsy and finding templates for hard copies and templates for a digital copy.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.