There is a lot of inventory in Jersey City, so compared to the rest of the state, there are opportunities there for good STR operators.

It also has the benefit of being local which is great training wheels as you learn how to be a killer host.Now assuming that you mostly want a cool property to stay in sometimes near water and don't want to spend a ton of time managing I really like the outer banks in NC.

If anything this is more of a fly-by night operators vs seasoned operators argument.

Turn-key operators, etc. 

A clear operating agreement from the start is key to keeping on the same page. 

I know if I were to send an operating agreement to a lender that reads "LP member will receive return of their capital and 20% annualized return" they would not approve the loan.

And we were operating at scale, so we had the luxury of riding a float for such.

Because I got trained and knew that it was just a matter of time I'd find a deal.

Alt lenders will normally be higher on fees, rate and perhaps leverage at time of close but that's not always indicative of cash required to operate. 

Are you intentionally looking to outsource the management and day to day operations to a management company versus self-managing?