The biggest key will be your Property Manager, Lender and Realtor/Agent to find you the deals. 

B grade property walks are attended by my children to run around and tell me which bedrooms they would pick if it was their home.43605, 43608, 43609 are the popular zipcodes for bottom-budget value purchases...I manage a ton in these areas and my personal portfolio contained over 40 43608 properties at the peak. 20% of these properties will be crazy money earners, 20% will be astounding money pits, and 60% will fare average.I have evolved into the nicer 43612/43613 for my personal portfolio and find the properties earn consistently and far smoother than my 43608 houses. ($80k renting for $1200 vs $40k renting for $800 multiplied by the ratio above vs boring consistency of the nicer area) Oh and I have zero excitement for apartments.

First, that it takes a ton of work to find good deals on rental properties, and to manage them profitably on an ongoing basis (even if you hire a property manager).

I would manage the property.WHAT am i not thinking of, or considering?

@Evelin Negrete, it sounds like you are punishing them for being a little annoying and for you not managing that better.

I personally like to buy real estate that has A) excellent long-term prospects ie. area growth, commercial vibrancy, high housing demand, rising rental rates and B) positive or at least neutral cash flow.

We’ve dealt with this for quite some time and it makes things much more difficult to manage.

I am in Los Angeles and do inspections on single family homes as well as commercial properties.

We have our bookkeeping covered for now through our property management.

That includes real estate agent, title preferably owned by attorney, seasoned STR property manager etc.