After i'm done, I'm able to do rate and term refi's which local banks are much more open to doing as compared to cash out refi's.And I've actually brought a couple of other investor friends to my lender and my previous lender.The key is that the terms have to make sense for an investor to incorporate into their model.

What are the key market characteristics that I need to analyze to reduce the chances of owning property in a town that is dying fast?

When a seller or listing agent calculates the ROI, they always leave some key expense out of the equation.  

Be sure to listen to the podcasts and set up key word alerts.  

Education and action is the key.

Rent rolls, deposit reconciliations, venders, event tenant notes, key operational details..

You can jump on the Mobile Home Park University forum  and search for key words.  

Scott Carder You need to, remediation is key, it will not only affect the drywall, it goes to the studs, plumbing, electrical, vents, etc.

Also look at the key industries, is it  diversified, and are they stable?  

They expected me to cut them a check for their security deposit when I came to pick up keys, NO WAY, I kept it ALL, I even waited till the last day to send them their notice/statement regarding their outstanding balance for damages, lol!