And @Walter E. too

As I understand, vacation rentals are taxed as regular income, whereas LT rentals are on schedule E.

@William E. thank you for your input!  

I ALWAYS DEMAND via the contingencies the Scheule-E for TWO years - - and I get them. 

Aside from that, I'd say you should read the free e-books offered by BP, check out podcasts, read blogs & forums, and reach out to folks doing business in your market.

I only send those in my Fed ex package anymore or encrypted  e mailAs for Hawaii don't know although Honolulu is a market we are going open Q 1 2017.however one purchase there equal 10 in the mid west maybe 20 sometimes  :)

I have a friend who bought $1.5m of lots down in Casa Grande.

If you are interested in any new 'reads' for real estate, I would recommend E-Myth by Gerber, Low and No Money Down by Brandon Turner and The ABCs of Real Estate by McElroy.  

Run an O and E on the property.

@William E. - I'll add in the CPA/Attorney/Financing expenses, thanks for noting for me.