As you mentioned, there was an element of both luck and a good deal (though it's a 200 year old house, so the major improvement pains are yet to be seen...the house was greatly maintained and updated by the former owner, thankfully). 

Seeking your guidance/wisdom.

Most likely too much of a pain to do the above, but: did you ask to see the credit report and background check? 

We're relatively new to this and seeking our first STR property in about the $500K range using one of those 10% down loans and the cash from the original refi we did at 70% LTV. 

But oh man did I love the negotiation and extremely pain in the *** paperwork and details for that loan.

Even so, some of those  unfinished subdivisions are "coming back to life" as start-up builders and other developers seek to cash in on the shortage by providing new construction to those who can afford it.The housing shortage is real - has been for over a decade already.

My advice is hindsight and maybe not what you are seeking but advice for anyone else reading this post and can learn from your mistake. 

Is it because no one is paying attention or is it because the property is too expensive or the seller is a pain.

(An inspection found this for me about 15 years ago and even with the lawsuit/warranty covering the cost it was a pain in the butt.)

I am a beginner investor seeking to buy my first duplex.