It works...but any marketing works, it just depends. 

@Jonathan LudizacaIt really depends on the market.

We typically buy and hold but it would depend on the numbers for this project, we'd be open to either BRRR or fix and flip so there's a few possibilities.

As all the investors know, the Killeen rental market depends heavily on the military PCS cycle and I'm curious if their is anything else impacting the rental market there?

You should have a good idea of every expense you have in your primary home, then add the STR specific:  (These are rough estimate numbers, depending on various factors)STR insurance - a special insurance that covers both the property and your liability, could be $2~4k in areas without natural disasters, could be more than $10k in some other areas.cleaning fee - approx. $50 per bedroom, so a 4-bedroom house will cost you about $150~200consumables - bathroom supplies, kitchen supplies, beverage supplies: $20~30 per week, depending on how much you providewear and tear - towels, linen, kitchen utensils, some furniture: $1000~2000 per yearRepairs/replacement for things that guests break or steal:  $1000~2000 per yearAlso, if your personal use is less than 14 days a year, the entire property's expense is deductible against STR income, but if you use more than 14 days, then you will have to calculate the proportion of how many days it's rented out vs how many days you or your family uses. 

@Dan PoratI am looking block by block at the household income and agree with D to C depending on exact address.

Depending on what your investing goals are you want to looking into self directed IRA vs. checkbook IRA or even better if you qualify Solo 401k.

let the  property season, for 1-4 years depending on market,  and then get the equity out and do it again.  

@Chris Seveney's suggestion could be a really good solution depending on the numbers. 

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.