With many people's help I recently made my first buy-and-hold purchase of a duplex in Fort Wayne, as an OOS investor! 

G'Day Hughston,The best advice I could give would be to not invest out of state unless you buy turnkey.But that's just me being biased.The second best advice I can give is to focus more on the people that you will be working with over the stats/demographics of a specific area.I'm sure that this has been covered many times in the various BP books but to this day it rings true.You will heavily have to rely on the folks on the ground.They will either make or brake your investment so choose them wisely.If you buy the best house, on the best street, in the best area with the best capital growth projections.But your property manager is incompetent or a cheat.You will loose money.So, team first, area second.Much success

My advice - find a legit mentor that may partner with you as cohost is your first property, willing to share knowledge and you absolutely know for a fact they hv experience in the airbnb space with their own properties; gather info on internet, buy a couple of books - all the information is already out there.

First I would ask the seller to do a walk-through of the property and see everything firsthand.

$18.14 First Alert Plug in carbon monoxide detector - https://www.amazon.com/First-Alert-CO605-Monoxide-Detector/d...Most jurisdictions require CO detectors.

Yale Assure with the wi-fi connecter/box inside, is our first choice!

Quote from @Jeffrey Abraham: What is the NOI on the facility and how many rooms are you renting I think you could do it as a dscr loan and refi it with a hedge fund and get 65% cash out and close with 14days Established and competently run assisted living facilities aren't ever NOI/DSCR-constrained, so that's not important for the asset class. 

This wasn’t our first go with short term rentals.

I would love to buy an existing one first to get the experience, but am also open to developing from scratch.

First, I'm not a lawyer and under no circumstances offer legal advice.