Aim to increase your Operating Income by acquiring 3-4 units for the next purchase.

That is just a one off report so before you spend a buck fiddy, it is a good idea to visit a couple TK operators in person first.

At that point things are more of a gamble. 

A common strategy used by investors, such as those operating through PadSplit, involves purchasing the property, completing basic rehab, refinancing, and then using cash for the interior build-out.Another potential red flag, even without converting common areas, is the addition of individual locks on bedroom doors.

I successfully operate a small portfolio (3 duplexes and three single families) out of state and a good  property manager is essential. 

That ends up leaving a void that's filled by unprofessional, and in some cases outright criminal operations there in the PM space.

I was thinking of doing Airbnb arbitrage in Cincinnati but discovered that there is a restriction that the STR operator has to live within 50 miles of the property.

The main reason is other buyers who are better able to pin down operating costs will either outbid you because they have their costs right, or you'll outbid them because you have your costs wrong. 

But unless their businesses are structured very carefully they're no operating in the clear. 

@Eric LoweIf you cannot find a local firm, reach out to these experts who operate national firms:  @Bernard Reisz, @Yonah Weiss, @Julio Gonzalez.