It's important to understand the local market, navigate landlord-tenant laws, and have realistic expectations about cash flow.

Visit any of the places on this year's Best Cities On the Rise list and you’ll quickly understand why.These reader-selected cities have excellent food scenes, cool yet quaint downtown districts, incredible natural beauty, thriving arts communities, and the warmth our region is known for.

Understanding peak seasons, local events, and average occupancy rates in your area can prevent underselling your space or pricing yourself out of the market.4.

This speaks to what @Russell Brazil said about being thorough and making sure you understand what needs to be done.I certainly agree with what @Bill J Fay said about the before & after, but, if the property is bad enough, you might want a contractor for the first inspection.

Obviously, this can impact your overall cash flow. 6) it’s important to find an agent that knows the area well and understands how to work with an investor, as the process is very different than buying a primary residence. these are all things to consider, and there is going to be a learning curve associated with the process.

Pace Morby doesn't seem to understand overleveraging, Due on Sale, title reports, the need for your own money and much more.

My first thought is use this time to understand the quality of living that your future tenants will inherent if they rent from you. 

Then add in all the fees that are being added by AirBnB, VRBO, etc. and hotels are in many cases a better deal . . . less surprise fees and fewer owners that have odd rules. 

Obviously, this can impact your overall cash flow. 6) it’s important to find an agent that knows the area well and understands how to work with an investor, as the process is very different than buying a primary residence. these are all things to consider, and there is going to be a learning curve associated with the process.

So if you're interested in flipping, find someone who really understands that, not someone who sells commercial real estate.