First STR with $100k or less?

[Jayme B.]

I've been back and forth on the idea of using our savings to invest in a STR. I've read how it has changed people's lives, but have been super apprehensive seeing how saturated the STR market has become since 2020. I work for myself, have a small kid and one on the way. My wife and I are ready to do something different to replace my income. However, this is a situation where I need to be right the first time. I'd say being right means cash flowing at least 3k per month. Now how do I get to that point and what market to do that? I have no idea.

I thought about purchasing a property using owner finance option and using our savings to build a smaller home. The plan is to use the cash flow to pay the land off. 

It seemed like the only option. With interest rates being high, it seems ridiculously dumb to purchase an existing home in this market.

Am I missing something? Seems like another case of dollar short, day late.