Many of the deals I've seen with problems are when the GP group was not local or wasn't really familiar with the local market.Ask about capital calls and distributions on their current deals.I have not always practiced this, but I think I will on future deals....no excuse you can't go visit the property before you buy in. 

You got this!

I'm not new to purchasing properties, but this will only be the second property I've ever purchased and the first in this new area.

This helps in setting the right rental prices, finding quality tenants quickly, and understanding local laws.

Any doing this, or have any experience or knowledge to share?

Starting smaller is fine, but the unit has to be spa like or you will likely fall victim to pricing wars or get lost in the booking sites algorithms. 

This probably has to do with the new rules that went into effect after the NAR Settlement that went into effect this summer.  

Mindset is key and just know that this is a business and you would be actively seeking clients and every day you wake up your working for the paycheck you receive in 30-60 days.

This is 100% seller finance deal.

He's just north of you and can help with this question.