I also just use word processing to create a guide book. 3 ring binder with sheet protectors.I put in all sorts of things like local menus, maps to cool places etc.

It really depends on what you are looking and I think your thought process is correct.

I am also a huge believer that with massive affordability issues in cities people will start to migrate to smaller towns that they can afford.

My process involves two steps.

I think smaller markets say sub 50k population would have a larger impact from one big move from a manufacturing facility or something like a Amazon processing center.

And you can do it with little cash, 5% down conventional is better than 3.5% FHA.House hacking also gives you a chance to cut your teeth in all major skills: analyzing deals, buying process, financing, working with contractors, advertising for rent, background checks, property management.

I just went throught the entire screening process and its more like $6,800. 

that's a huge concern of mines now

I wanted to offer him about $50K over what is remaining on the mortgage and go through the 60-90 day process to assume the existing mortgage.

A 1%- and 2%- rule property is hugely better in California compared to Costa Rica because you can leverage in California and you can't in Costa Rica (notwithstanding the fact the risk is higher in Costa Rica too so you'd actually expect a higher return there).