Biggest things to know are below:Find an agent like who knows the hot spots for AirbnbResearch revenue potential with sites like Airdna and Rabbu and look for a minimum 20% cash on cash returnDo market research for competition on Airbnb to know what amenities you need to stand outFind a solid cleaning crew and handyman (BP, Angi, Google, etc) as they are the lifeblood of your businessUse a pricing tool like Wheelhouse and a PMS tool like Your Porter to self-manage (no need to pay 20-25% of gross to a PM if you don't have to)Good luck and DM me if you have any questions!

I like the strategy of buying a property that is rent ready, and agree that you can therefore lower your CapEx when analyzing deals, with that being said, I do think you'll run into a lot of competition in the buyer pool.

How does anyone break into such a competitive market?  

I hope I don't come off as brash, but my first instinct is that the rent is either too high or the condition of the unit is of lesser standards to your competition.

An active informed realtor will know what the competition is and what will sell in a particular neighborhood.

There are hot fix & flip areas (Belmont, Severville, Biddleville, Wesley Heights, Villa Heights, etc) but the competition for these areas can result in some tight margins.   

When I bought my first property in 18' it was just as competitive.

With interest rates the way they are, it feels like the competition to get started is pulling back a little and the time to strike will present itself soon.

My insurance will not cover bully breeds, which are the majority of the rescue dogs I've seen on the websites.I feel like you should think about it if it makes your rental unit more competitive when it comes to finding tenants.

There is no "easy" button.