@Travis Elliott$600k is a fair bit of capital to have, but it's far from "do anything, anywhere" kind of $. That is going to be a hard-hitting reality I am betting, just how far it does not go, given situation and especially looking at staying in the high price market.
With the existing portfolio I have to wonder why buy your primary residence? Makes little to no sense to me, when it's some much more beneficial to just become your own best tenant.
Aside from that, I get-it that you have time but does it make sense to go from ton's of time too juggling multiple new business's? That's what your speaking of here; doing more standard rentals (biz 1), doing STR (biz 2) maybe mini-storage (biz 3) and/or some flip's (biz 4) etc etc..
When dividing your focus, your multiplying your failure potential rate.
You already have a knowledge base in standard rental's, why not solve multiple problems with 1 action? Use that time to branch out into out-state/other market area's of standard rental investing. This will get you best returns for the $, keep busy, better more enhanced returns and it's only stepping up, an evolution of existing knowledge/skill base vs forging an entirely new one.
Than, once got that completed, then with new revenue stream can shift-gears to than focus on trying hand at STR, with ability to give it appropriate attention and focus it WILL demand. And since your just "playing" to feel it out, DON'T BUY, arbitrage to try it out. This is your safest, cheapest entry point to "try it out" by a LOOOOooong shot. Your only unique "risk" to such is it goes gang busters and the one your leasing from decides won't extend lease terms because want's to try it themself, and oh-well, it was to get feet wet and try it out right, so if proven now you have that to go forward and buy with knowledge vs hopeium.
And by evolving into Out-State holding's, now your reducing risk exposure from diversification of market deployment.
And who know's, maybe with that travel find ID isn't what thought it would be and instead really connected with other area you wouldn't normally have gone but went for the investment properties you did there.
I get that you want to do everything, but instead of torn which one to go, maybe go 90 degrees to see you put them in order of which first, then the next, next, next. It does not have to be either or, it can be which first and next.
But yes, I would STRONGLY urge to consider out/other state for standard rental buy's. It could be a massive revenue and net difference vs all Idaho. And that means empowerment, or hinderance, for doing the next strategies.
I mean consider this, with just half that capital we could rather rapidly turn it into $4k+ net monthly yr1, and potentially a million on appreciation in next 5yrs. That's not chump change. Yes, i am talking real world where I can kick out address's but I WON'T on this because it's one of my "honey-holes" of this exact moment and only an idiot would publicly blast out there now current "Honey-hole".
