That way if the market tanks at any point I will sleep like a baby and the cash register will still be ringing.I think I mentioned before Las Vegas may not look as good on paper for returns as some of those other areas, but I don't look at just the return I look at the entire picture which includes the property itself, the location, the potential tenant base, the management, the city economics (demographics, growth, taxes, COL, etc), and even the city itself would I live there, the distance from me, etc. 

We look at the property, property location.

I picked a good location - Baltimore, where I have supposedly enviable cash flow, $400-600 per property after PIMI, but before variable costs. 

@Nicholas Hill, the location of your qualified intermediary isn't as critical as their experience and responsiveness. 

The overall location is great, so it probably wouldn't be terrible either way.

Im sure location takes part in pricing.

Is the property insured as a second location on your home policy or on a stand alone policy? 

Since the property is located so close to you, and you already know that it is vacant along with recent history, I would try to locate the home owner's phone number and call him or her directly.

The only catch is the location.

Location is in the midwest.