What IS absolutely necessary and critical to success is to network with other real estate investors.

Engaging in open communication with the seller and conducting thorough due diligence on the property and local market conditions are critical steps.

Additionally, marketing is a daily activity and "flag" relationships are critical in some markets.

If your haven't done so already, visit a website called Airdna.com - download the free guide and read it, but more importantly use their site to research your area for rental rates and booked nights - critical information to your financial success.  

Timing is critical in real estate so you need the checkbook in your hands, never mind the headache and fees of the 3rd party.For a California based investor, I would recommend an IRA owned trust to obtain checkbook control as opposed to a LLC.  

My eyes were opened to the costs that I was trying to do at a summary level and didn't realize I was leaving items off the critical list that should be accounted for.

Before getting into the details of a property, the first step is to analyze the market demographics and economy to ensure that it supports healthy rental growth and demonstrates demand with a growing population.Below is an overview of the more critical factors that we analyze as they will directly impact housing demand and the performance of an investment property: Poverty Rate – The poverty rate in the asset’s local area must be at or below the MSA where you’re investing.

I would be careful with talking to a property manager, that is definitely a good place to start as you build a relationship with one that you may want to use, but at the end of the day their job is to place someone, so having defined criteria that they need to follow will critical to your success. 

I think you will find it to be a stronger opportunity than Kokomo.Like with any out of State endeavor, it's critical to have a good team on the ground to point you the right direction.  

Ditto the above comments that finding the right team is critical.