I am  not an expert on AirBnB but from what I know you need to have a homestead exemption to run an AirBnB in residentially zoned properties.

Also make sure to do your due diligence on zoning, L&I violations, title, etc. 

Year 1 (new tenant)NOI: $3510Annual Cash Flow: $1510Monthly Cash Flow: $126ROI: 13.2%Cap Rate: 7.8%Year 2 (assuming tenant stays)NOI: $4160Annual Cash Flow: $2160Monthly Cash Flow: $180ROI: 32%Cap Rate: 9.3%You get the picture.The potential red flag for me is that my monthly cash flow would be either $180 or $126 -- and this is all dependent on tenant turnover.

I understand the broader demographics of these markets but still very much in the early phases of delving deeper though I must say Cleveland has definitely shown some early appeal.Other Costs - I'm just looking for a general idea of what to expect on this front of things, things such as land tax (if the US has it), Stamp Duty (again if it exists), insurances (required/desired), management fees (I want a property manager in place due to time zones/distance/peace of mind), etc, etc.Finding a Team - This is one of the harder parts, I'm not averse to a trip to America for some research later in the year (if Australia ever opens its damn borders again!)

@ Ryan Fox  I'm looking to either a) Put a truck parking lot on a portion of the land to generate some income or  b) Lease the land to someone else with bright ideas,  Land is zoned industrial.

If you find high vacancy, that is another red flag for the market and you should be cautious.

We got the chart from Arbor Trust Realty last year and Los Angeles is the number one city when it comes to Demand:Supply ratio due to the high barrier of entry to develop brand new projects (city regulations, archaic zoning code, and ever changing building code). 

It may throw red flags. 

Confirm zoning allows for a personal care home (as RAL's are known in GA).  

House hacking is the term used on this forum.These two examples are low risk first moves that will allow you to get your feet wet, you might not make millions of dollars on them, but you also aren’t trying to flip a house in 3 months super leveraged (meaning a lot of debt), where you could lose everything if your inexperience makes you underestimate a cost, miss a zoning law that affects your success, etc. the list goes on.