Looking for my first STR before end of year. Is this possible?

[Carla Gates]

Just getting started on my real estate journey and trying to figure out my first buy which I'll be doing with a partner. Hoping to purchase by the end 2022 if possible (in addition to wanting to begin my portfolio, I'd like to offset income from a flip I did earlier this year (recently learned of STR tax benefits). Hate to miss the opportunity, but not sure if this timing is too tight? I'd love to hear from those of you who are experienced, if you think it's possible to find, purchase, and rent a property before year end?

My biggest hurdle is narrowing buy box. I live in Miramar Beach, FL and am considering something along the coast here...but also hearing a lot of talk of a potential slow down in STR rentals in vacation areas due to recession. (Dave Meyer advised being cautious right now on STR Vacation rental purchases). Wondering if I need to consider a different market in leu of this or if STR may still work here?

Also consdierin other parts of Florida, Tennessee, OH, Birmingham, or the Carolinas. Anyone have feedback on specific areas they love? Or any other smaller markets (hybrid cities) I should check out? My budget is around 500K. Trying to figure out the most stable market with great cash flow and appreciation (aren't we all!). 

I'm open to a multifamily, but not sure if this is a good idea to do as a Short Term? Thanks in advance! 

[Nathan Gesner]

Quote from @Carla Gates:

I'm with Dave on this. There are only a few markets still rolling along. Most markets have slowed and I anticipate even the strong markets like Smokey Mountains will eventually slow and return back to 2019 levels.

Can you still find a STR that cash flows? Of course! But you have to search a little harder and be more careful. I've personally decided to give up for a bit because I just don't have the time to dig that deep and then compete with other buyers. I'd rather see what shakes out. If I can wait 6-12 months and pick up a property for 10 - 20% cheaper than 2022 prices, that's well worth the wait!