My plan is to buy and hold.PUB02121 of the MO Department of Natural Resources states that “demolition or renovation to an institutional, commercial, public, industrial or residential structure (excluding exempt residential structures as described in the preceding section) will involve greater than 160 square feet, 260 linear feet, or 35 cubic feet of regulated asbestos containing materials, then the removal of the asbestos is regulated by the department” but the City Planning and Development Guidelines for KC state “any person undertaking the demolition or renovation of any structure shall employ Missouri registered contractors and certified workers”.It seems to me that the city regulation requires you to contract a certified asbestos abatement professional while the DNR will only require this action when meeting a certain threshold of asbestos material but I am not sure.I should add that I am not an experienced real estate investor nor do I work in the real estate industry but I want to go into this with my eyes open and I am sure I will have many more questions in the future.

Appreciation, both forced (rehab) and natural (market, time)4.)

I've seen people mention looking at employment rates and projected employment rates, population growth/decline and things of that nature.

Did anyone own rental properties in Midland, TX during the last oil decline in 2014-2015?

Typically more simple in nature because often it's only 1 person operating the software. 

You do not get the opportunity to see the inside of the home or get it inspected or anything of that nature.

You still want to buy the normal hazard coverages (fire, wind, hail, earthquake, or whatever natural disasters tend to occur in your area.)Another difference is that you probably don't need any loss-of-use coverage (i.e. hotel expenses if your house is damaged.)Most residential providers will have a policy that is tailored more towards rental homes in the way that I describe above.

Hence, friends and family is the first natural choice.

Since I am a numbers guy and have found that deal analysis seems to come pretty naturally, based on your comments, it sounds like I should find someone who is already syndicating and help them with their lead inflow.

For me the market is too high to hope for natural appreciation.