We closed and the Dundee property was listed for rent late August.105 days of vacancy, three rent reductions, and two PM teams later, I’m stuck with an unrented property that, once rented, will cash flow negative each month (and that’s excluding the cost of the 100+ days of vacancy).I later learned that the initial PM team I was paired with actually did not have any experience with RTR.

So now, instead of feeling excited about a new investment, I was scrambling for cash, stressed beyond belief, and facing major repair costs with less rental income to offset them.That experience completely changed how I approach real estate.

Do you really think you have the skills and experience to handle a D (at best) neighborhood?

I’m from Miami would love to start an Airbnb in Orlando I can not say from personal experience.

I work with a lot of househackers and they're typically on the 12 month cycle, rinse and repeat.While the proposition of acquiring an investment property outside of your market in a "landlord friendly" state may sound appealing, i would recommend you stay local for now and househack another couple of properties over the next few years until you've got some more time / experience under your belt.you would need a management company to cover your property that is outside of your market which would not only take 8-10% of your gross it would also leave you a bit vulnerable to a property management company that you A.)know nothing about and B.)you won't have the experience or cashflow or proximity to deal with any headaches that may arise.i would recommend staying local and househacking your way along for now and then maybe hire a local property management company initially to work with your current/local properties to get a taste of what to expect if and when you begin investing outside of your market.

Any suggestions, advice, or experience you could give me.

And there are some investors who go for those lesser quality areas, because they have experience in those types of properties and know they can buy there inexpensively. 

If so, how is your experience?

It was a learning experience but I made it work in the end.Mine was a 5 unit commercial building that needed a gut renovation, similar to yours. 

Often it's not so much someone with real estate experience that seasoned investors are looking for so much as it someone who can take other tasks off our plates.