I do love the senior living wing of a business strategy. 

Also what towns do you primarily rent in and how much of a loss do you take vs renting market rent?

Just a blank sheet of paper.By yourself, put together a first pass at what you envision for your wife and you 3, 5, or 7 years from now.

I am from Phoenix but lots of family from the Seattle and surrounding areas.My wife and I have been doing live in flips since 2019.

@Charles Evans Zelle and Venmo do not provide the same protections as a third-party rent payment portal.

Do they always do it.

I would never form an entity with them when I can do it online with a firm that charges a fraction of what they charge).

So - somewhere 2 hours away, or somewhere you like to vacation in, or where all your family lives, or where you plan to move someday.Too many people are trying to do exactly what you're doing - pick a market based on a formula - and they end up buying a random 'cheap' property thousands of miles away, turn it over to people they've never met or even spoken to, and then... lose money.  

No but keep track of those repairs as it will add to your cost basis when you go to sell it and have to pay capital gains.

Instead, start by sharing why you’re interested and ask questions to understand the seller’s motivation like, ‘Why do you think it hasn’t sold yet?’