@Joshua Rodriguez - I'd pick location first, then determine what return you would want that will help you determine your size.

It wasn't anywhere near the magic ratio of 1.5 rents/purchase price but with a slight bump in rents and if they accepted a lower offer, we might get the ratio pretty close to 1.25 which I was ecstatic about in this market.

After building some rapport, he offered a 23 unit brick complex in a solid location on the New Britain /Kensington line for 300k down then eventually lowered it to 250k down for a length of 10yrs @ 6% and wants 55k per unit.

I'm not a fan of investing in small properties located in areas that are not familiar with unknown managers.

What is your experience in buying in markets outside of your location to setup Airbnb's? 

@Tyler Dreher, there’s no magic behind it.

Our location is near transportation so an easy commute into Philly. 

However, if you like QBO but really wanted to save money, there is a workaround, that is Location.

All funds, coming and going, must pass the security checkpoint first, before moving through the door to the next location.1 - The loan money sits in that account until the borrower/REI has the investment lined up that will make the payments back to the lender. 

You could end up with some bulkheads in horrible locations if you just let teh AC guys do what they want.