Moreover, the city has seen an influx of new businesses and developments, giving the real estate market an added boost.

I agree with your mentality, they are very frustrating, take a long time, have a lot of risk and holding costs, and you have a lot of hoops to jump through when doing major renovation projects.

Use a syndication site like Rentlinx to get on as many websites as possible.Also, obtain & analyze your metrics to determine where activity is lowest: webviews, inquiries, showinds scheduled, actual showings and applications.Then figure out how to boost the low metric.

Looks like a decent property according to those estimates, take a look at the comps on the awning airbnb estimator to see comparable properties and take a deeper dive into their pricing strategy, there may be an opportunity to significantly boost occupancy. 

I am anxiously awaiting my appraisal now but given the comments here, I seriously doubt that I will see a huge boost in value to our property.Regardless, I am really banking on reducing cost of living to accumulate investment funds faster and do some OOS investing in the future.

That tenant was clearly not mentally stable and her lawsuit was so frivolous that it was thrown out and she was served with an order of eviction and ordered to pay the attorney's fees.

But in nature, that mentality from someone you are going into business with is someone worrisome. 

I would also like some guidance on location scope mentality as I currently have the mindset (ignorant of course) that the property needs to be in a touristy/prime location.

You also want to take note of the availability, if it says "available now" on all of the nearby ones, you may be in trouble, but if all of them are available a few months out, that usually means they are booked.Just some quick thoughts, but the best advice is to have someone in your court that has done this before and is currently doing it, as your biggest hurdle to overcome is the mental block of being worried that it's not going to work.

(I'll mention now that the seller was a senior and had a lot of mentally draining things going on, her daughter and nephew recently passed away) and she just wasn't to mentally stable but going on we get to the last contract and the buyer is all ready.