Best of luck.Dimitrius Kiritsis hit it right on the head, if I had to add anything from my experiences, learn what a CAP  rate, NOI ROI is in your, of course you'll need to look at rents for similar size apt units, I say the main thing is knowing how much the property is bringing in and how much is going out.

Do you like to do business with people trying to do a workaround?

Loan to value ratio: The higher the loan to value ratio (LTV) is, pricing takes a hit.

Do people put exercise equipment like treadmill or stationary bike in their mid term rentals?

The problem with rent by the room is you end up becoming a counselor or a people manager.

The people who continue grinding will be ahead of the curve when it becomes a buyer's market.

But I also want to make sure I hit all the points. 

People find the best schools and look for houses around that school.You should start with the state and then drill down.

I've heard too many horror stories about people that pay cash for a property because they think they are getting a deal.A moron of an owner could see they could get a much higher price if they just put in the exit signs (etc) and then sold to someone with a bank loan. 

People need homes.