Be aware of hidden damages in foreclosed properties, factor in potential vacancy rates, and consider property management for a larger portfolio to streamline operations.

So you would take PITI + (any HOA, management fees) and make sure that rent is higher than expenses.

I second what @Marcus R. said - find an underperforming STR and try to manage/co-host the property.

We manage 320 units currently, and to date, I have received zero dollars back from tenants we have sent to collections.

It's the same as working in a company, some company has a fabulous manager and good work ethics and teamwork, while another company expects you to be 100% independent.For someone like me, that's like to learn fast, a realtor in lower commish is better for me.

@Carl Carter in Michigan, real estate brokers are allowed to service up to 75 land contracts.So, you can also look for a property management company to do this:)

In my state, property management is completely unregulated- generally, that's a good thing for business, but man, you should see some of the leases we inherit.

All things to consider. 5) how do you plan on managing the property?

New investors tend to fail in factoring in all costs, including repairs, maintenance, vacancies, and property management fees. 

@Erik DofelmierI recommend hiring a property manager.