Looking to get into Short Term Rentals

[Robert Willard]

Hello-

I have been looking at getting into STR's for a couple of years now. I looked hard into Nashville in late 2020. Reached out to Realtors and even talked financing with a couple mortgage companies. The thing that kept me from pulling the trigger is the prices. I hate that properties are so expensive right now. In 2020 Nashville was a hot market for STR's and so nothing was on the market long and everything was selling at a premium. Not much has changed since then. I have not stopped looking at STR's. I am looking for some feedback-

1.  I am located near Akron.  Nashville is about 7 hours from me.  I wanted to be within driving distance and 7 hours was my limit.  Should I be looking closer to home?  

2. What are your thoughts about purchasing a STR in 2022? Prices are still high. Are you still able to get a nice return in this market?

3.  Bonus Question-What is your #1 piece of advice for a first timer trying to get into this business?