Connections will be your biggest thing and going to any STR/LTR investor meet ups can help with FB groups.

The cost to build has gone way up in the past 3 to 4 years.

Spoke to a local real estate agent and some others and so far everyone says that it would be a huge headache (legalities etc) and would cost a ton up front. 

Do they have the necessary resources to stay on top of all the tax issues such as 1031 exchanges, 754 Step-Ups, etc.Feel free to send me a private message if you have any questions here.  

Add all adults to the lease and make them 100% liable for all terms and conditions, regardless of who is paying.You can create a new lease, but adding tenants can be as simple as having them sign the existing one or typing up a short addendum.

I have been working in this neighborhood for a while fixing up the historic homes and noticed another one of the houses needing work.

This means setting up contract management systems,  instituting additional insured requirements, employ licensed and insured vendors even if they are not the cheapest options available.

Most properties over there get snatched up really quick since they are in good school districts with low purchase prices and you don't need to do super nice finishes to get top of the market rent or ARV. 

Home Warranty: My bathroom sink is clogged and I'm too stupid to know how to pop the water stopper out and clean it. 

If things go right you will be doing more than 1 house , the issue will come up again .