This ability to cherry-pick a market for your specific needs is what makes investing out of state so desirable. Are you more interested in appreciation than cash flow?
You will want to choose a market with strong rental demand, low demand for property, and good prospects for property price and rental demand growth.
It is crucial to accurately estimate what your expenses will be to make a sound investment decision.
There is a rule of thumb that a good Airbnb should make 3x the long-term rental rate. You can find an estimate for the monthly rent on Zillow or Rentometer.
The decision to self-manage or hire a professional can depend on how much time you want to invest in your investment systems.
Checking into the regulations in a potential market for investing is super essential before getting into Airbnb.