You will keep the interest payments.This is a lot to think about and it will frequently change until you settle in.

You may want to send your tenants frequent letters and note to remind them and include dental floss in your list.It does not take a rocket scientist to replace a sewage ejector pump and any decent (not the idiots) handyman should be able to replace one.

Class C tenants, in my experience, are slower to pay, heavier wear and tear on properties, and tend to turn over more frequently.  

Would you consider a Management Agreement with these characteristics to be a red flag?

While the HOA might tank your profitability, I do know/am frequently messaged about condotels for STR usage, so it's definitely not that uncommon of a strategy. 

I'm sure there are people from certain areas that tend to visit Delaware on a frequent basis. 1. 

@Tony MendozaTo minimize liability and safeguard assets, real estate investors frequently move assets to LLCs.

Personally, I would start by diving into recently sold (6months) properties within a mile that share similar characteristics to your home.

Many people frequently ask me what areas are "good" to invest in 'outside of charlotte' (Mecklenburg County). 

However, in working with sub contractors it is going to require more frequent payments to them vs the one or two draws I would request when working with a GC.