You probably wouldn't like my "hood" back in the 80s but now tears-downs are $900K+, as Manhattan cap rates fell.Put feet on the ground and stop watching Fox News.

I watched a webinar with Brandon Turner and he said he can analyze a deal within 5-10 minutes.

I have been on the journey watching different trends in YouTube, Facebook groups and other couple of places, the free information on YouTube is chaos, but it will take time to figure out your area of interest and your strategy that fits current market, Facebook I really think is prone to all kinds of marketing tricks early learner will be pitched into commitments which may may not result in correct choice and success option for you.

Watch for the new Vacation Rental Forum that will be coming soon on BP. 

How can I get an understanding of what to watch for? 

This was worth a quick preview to get a visual of the Block Community mentioned above:Youtube link https://www.youtube.com/watch?...

Are there any laws or things to watch out for when using this rental strategy?

Key points to watch out for and things you wish you would have known before starting your journey?

Based on your post I assume you watch This Old House.

I'm adding the following cities to my watch list and will be doing some research in this areas.