My first piece of advice is get the best attorney you can afford because that will pay for itself in potential headaches and problems.

I own a duplex in Florida and am in the process of getting approved for a HELOC but don't think we can afford anything in FL so somehow I've landed on the the MI market.

It's already overwhelming for them to move so 80% of what you tell them will be forgotten and the paperwork could be shoved in a box and lost.I prefer to give them an email a week after they move in that has some key reminders about their lease, how to dispose of large items like broken furniture, how to submit maintenance requests, etc.

When nobody can afford to buy or qualify to buy they'll go into rentals, and supply and demand can't help but drive rents up. 

From a macro level the region is strong and diverse economically, while still being fairly affordable for the rents a good unit will demand. 

Unless you are pricing your unit(s) way too low, anyone who can afford to pay for 28+ nights for a STR have plenty of other places to go. 

What do you all think of a mobile home park converted into a tiny home community with larger yards.Rate would  be bumped up and sites would be converted to being available for tiny homes or nicer RVs/motorhomes.Standards would be part of marketing so that boomers and others wanting affordable but nice housing contexts would be drawn in.This would be one model - buying existing parks that are more rough and fully flipping it into this style. 

IE affordable.. after our 30 minutes discussion and we both go through google st. view the light bulb went off. now personal inspection he would not have wasted one minute on that house.. 

Don't go crazy, keep it affordable to start.

The other thing to consider is that with $50K-$100K down, you can afford to buy 2 or 3 properties in more affordable markets like Kansas City, Indianapolis or the Quad Cities in IA.