My agent sent me a list of comps today for the area, which was helpful since before I had been relying on realtor.com and other 'sites' that aren't the best for reliable data. 

Only Gatlinburg ever collected "nights rented" data and their reports show the same results - steady in 2008-2009 and growth onward.

I used to live in DMV as well before I moved to NY, I live in Queens area NY and I am doing REI, I have a great money machine with no hassle property in Winchester NY, No need and repair and there are a good tenants who are already living there so there is no more money or time you need to invest aster you bought it, just start collecting money....Right now it is generating 12K+ a month.

Analyze the data thoroughly and get really familiar with a few markets and agents.

Refi the amount that makes sense based on what rent you can collect.  

I would not rely on what the seller is telling you, unless he can produce the background checks and credit checks reports for you from these tenants if he collected it in the past. 

Bullet points because it is late where I am.1. get a mentor2. get a written plan of what you want/need to make and when (passive/active income)3. asses your resources4. get your RE license5. get a mentor (bears repeating)so much to go into but would need more data to advise

Get another job, if you can't get another, work on getting a better job, focus HARD on it without distractions.. sell everything that collects dust, sell your unused toys, trade a fancy car in for an older one.. get sidework, work freaking HARD.

I could have started collecting at age 55.

Here is one that I developed a few years ago when we used to bid at Florida auctions (Can't get formatting properly):1Property Search & Filter Search properties a minimum of 5 days in advance, valued between $XXK and $XXXK2Review Crime ReportsAvoid high crime and high vacancy areas3Determine ARVMake an informed decision of the Fair Market Value/After Repair Value based on comparables, tax assessment and physical condition4Enter Property Data into SystemRecord ARV, Assessed Value, Sq Ft, No.