I heard the banks wont care if you do it and still pay them so they dont invoke their due on sale clause and expect payment right away.When is best practice to do this?

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Of course, regulations, systems, tenant complaints etc are all concerns that I am sure people will mention here but hey, that is why it is nice to have someone handhold and coach your way through this process as the coliving wave takes off. ;) But of course that is not for everyone. 

Read a lot of books, and am looking to put my knowledge to practice.

What are best practices around PM and landlord interactions. 

In the beginning of your search, pay attention to zoning regulations to know what is feasible to be done on the lot you thinking of purchasing. 

With all the free tools out there you'd have to also be willing to practically give it away to get traction.I'd also be wary of states starting to regulate this - there are already some lawsuits against rental pricing software.

We practice one notice for all.

An STR could offer higher returns, but only if local regulations allow and you're prepared to manage the extra work—or hire a property manager.

**If you are open to furnished rentals, it is very important to look up the regulations prior to putting in an offer.