Know your break even occupancy, compare it to the average occupancy rate from the last recession in your market, and be sure you feel comfortable with itLong Term Permanent DebtLook for Financing from the likes or Freddie/Fannie who offer 30 year amortization with 10 year terms.

Check the short term vacation rental options in the area- Extended Stay America, Airbnb, VRBO etc. and undercut them initially to ensure you can build reviews and a brand. 

Stay away from individuals who want to micromanage you.

You will acquire it quite quickly once you own a rental property.I was always told the best way to learn a foreign language was to go to a location where it is commonly spoken, and force yourself to try and communicate until you are comfortable with it. 

@Michael Plaks @Eamonn McElroyAs usual I browse BP for tax forums and am staying up later than I should.I think Pubs 527 & 535 are helpful here...When you refi a rental for a higher amount than the initial balance, the amount over the initial balance is not deductible.

If you are staying with the current servicer odds are that they are already licensed in that state.

Other than that, if the numbers work and you are comfortable, then it's a good deal.

Keep your head up and stay as positive as you can.

Nobody will do a better job than someone in the family, and the money stays in the family.My cleaning lady does the work for free, plus I get to sleep with her.

I try to  stay away from the marginal lenders who do not understand the space well and so put in unfavorable conditions on the borrower to try and mitigate risk due to their lack of knowledge.