In life I hope for the best but prepare for the worst and avoid biting off more than I can chew.

I also find that it's easier to place quality tenants when they're dealing with you and not a property management company - a lot of tenants have had bad property management experiences and avoid listings when they see a company with a bad reputation.

Now the rules have changed where that only applies if your lender underwrites it as a full condo review, you can avoid this by putting 25% down.

Some people look for expertise, others expect you to be just a "go'fer".You will find you can't be everything to everybody, nor should you.Like attracts like, so figure out the target market you want to work with and focus on attracting them and avoiding the rest.

Quote from @Jordan Ray:In Memphis, most BRRRR investors I work with avoid that problem by going with hard money lenders who fund 100% of the purchase and 100% of the rehab.

Any repairs they ask for would keep your property top notch too.Goes without saying to avoid rent hikes if you're trying to retain.

Understanding this ahead of time helps with planning and avoiding unexpected tax bills.Starting strong with these basics can save you headaches later and help you maximize the tax benefits of your investments.

I’m considering offering $500 cash-for-keys to get them out quickly and avoid further losses. 

The bottom line is not everyone needs to go on vacation but everyone needs a place to live.Personally I would avoid arbitrage of any sort.

You may be able to utilize the short term rental loophole, so you’ll want to make sure your cpa is well versed in this and guide you so you avoid the pitfalls.As for local vs national, I’d recommend looking nationally as you’ll have more qualified people.