Buy a nice, newer home in a solid class B neighborhood and take care of large items up front, if necessary.

I wrote an article about it a while back you might find helpful: https://www.biggerpockets.com/blog/2014/12/23/investing-out-of-state-essential-items-to-vet/

Look at personal guarantees/corporate on the lease and business updated financials and personals on a quarterly/biannual/ or annual basis.There are tons of other items to look for.

The MPP Formula requires you to itemize your Fixed Costs (instead of just simply applying 15% of the ARV).  

Construction estimates are a sum of all of the items to be repaired or replaced, both major and minor.  2 houses side by side may be completely different. 

Unfortunately it does seen like this property is very unique so it would be unlikely that you would be able to comp exactly "like items" in this case. 

It's hard to evaluate the numbers since they don't show a line item break out of the expenses.

Some other items were Diversify investments, and do your homework on the Sponsor.

I didn't want to keep coming back to the site so I created a Google Doc and a Google Form to help speed up the analyzing process.From what I gathered it looks like knowing the following items will help: PURCHASE AND LOANpurchase price, closing cost (2.5%), down payment (20%), annual property value growth (appreciation at 2%), loan amount, interest rate, points charged, and loan term.INCOMEgross monthly incomeMONTHLY EXPENSESproperty taxes, insurance, repairs & maintenance (5%), vacancy (3%), capital expenditures (5%), and management fees (7-10%) From there I calculate the total income, total expenses, and the mortgage.

A couple items to keep in mind when looking: - Only some areas of town allow short term rentals due to the zoning.