Finding great contractors and having a system of checks and balances via someone representing you on the ground making sure things are getting done and getting done right will be critical.

Confirming that the financials are correct is critical, because there might be mistakes.

Even at 71-years old, I still work on every real estate project from beginning to end because in my past 55+ years in the construction business I never found a person who could manage a project, get it done fast, get it done for a reasonably low price and never found someone who had the ability to make the decisions to think like I think to make changes as projects move along e.g. should I change the heating system or keep it, should I paint the ceilings or are they okay, should I change to new double pane glass windows, etc.While you think you could meet with your crew to iron everything out you can do a so-so job, but later you will find that many critical construction issues were ignored e.g.

I use AGS Lock-Ease

The ease of a central repository of all inquiries (Zillow Messages).

It did have a 2 year old roof and a 3 year old havoc system so that put us to ease as far as major expenses but we are pretty happy with how things turned out, myself, my wife, and my mother in law did everything except the plumbing which we subbed out to a plumber we know who has been doing it for almost 20 years and does great work on the side if anyone needs one.

And I think when the frenzy buying stops and ppl take a breath, and values ease down a little (correction), we'll see quite a few ppl upside down. 

If you can find one with good critical thinking they will give you an honest opinion on property value and how good the investment will be.

The way I see it, the more experienced and succesful you become the fewer red flags you will have when it comes to home repairs.But let me be helpful anyways.Driveways, roofs, plumbing electrical, are some of the biggest ticket items, however, we have done enough flips to take care of these in a breeze.What still raises redflags for us, are critical foundation issues.

That's not to say that would come close to equating to buying one in Florida (where I live), but it drove home the fact that occupancy rate is a critical calculation in the AirBnB space.