But neither should 40 year olds who pay 20-50k to get the "inside scoop" on all the "hot" deals.

I am a level III CFA candidate for those in the finance world, and I'm very excited to hopefully get that monkey off of my back after the June exam and turn all my study hours into real estate investing hours.Since I'm not trying to invest in such a hot market like San Francisco for my first deal, I'm focused on out-of-state investing. 

Hot summer, brain not thinking clearly.  

Can anyone explain to me what specific numbers you analyze or what returns you look for in order to determine if a multi-family deal is a good purchase in our hot market?

Houston market is very hot right now.

Kids are off from school so more weekday stays from LA and SD families, plus it's not as blazing hot as the Coachella Valley. 

There are some hybrid management models you can use but you want to vet that out ahead of time.Other than that you need to consider professional photography, setting up your booking platforms, writing copy for your listings, local permits, landscaping, hot tub/pool, garbage, water, sewer, electricity, cable, internet, snow removal, etc. etc. 

Alabama gets hot.  

Cedar Park is a hot market both for sales and rentals so neither is a bad choice. 

8% vacancy may be a good average but in my experience it can be low as 0% is hot areas and 100% vacancy in certain areas.