I would try to find a more year round type vacation spot so that you can decrease your vacancy rate and ultimately increase your profits.

It can also be very profitable when run correctly. 

Hey @Chris Laino ,You'll get the most profits by purchasing something under market value and then adding improvements/renovations.

If you don't have the funds to buy rentals, you to get money (active income, day job income) to afford to buy those properties.Many investors choose to make real estate their active income (being a real estate agent, flipping houses, wholesaling properties,...) because those jobs create profits or commissions, meaning the more successful they work the more money they make.

I wouldn't turn a BRRRR into a flip, unless there was major profit involved.

You should try and find some local active investors and see if they can get you a list of foreclosures coming up and help them find some more deals by door knocking and split the profit how you see fit.

Further, some areas are more saturated/generally more difficult to profit in.3) Personal details.

I'm located in the greater Cincinnati, Ohio area.What do I need to make sure of in regards to the lease as I transition into self managing/owning the property?

We will split all finances, costs, profits, etc. and want to pay the taxes the right way.  

Each property cash flows positive $800-1200 per month, and they will payoff at current rate in 10-13 years applying all profit to loan principal.