There is demand for it and demand in this area for affordable housing, in a tourist area where plenty of people have vacant, second/third homes for seasonal fishing and hunting.

We can afford this, but getting a new loan at ~6.5%+ wouldn't be doable.

Looking for suggestions on any specific building materials, fixtures, accessories, furniture, and tech for a STR.  

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

The biggest challenge continues to be affordability, as mortgage rates remain high and inventory remains tight in many regions.The 10-year Treasury yield has risen to 4.64%, which has kept mortgage rates elevated, currently hovering in the 6.5% to 7% range.

However, due to high property costs in our local market, we have been exploring opportunities in more affordable states, including Texas, Pennsylvania, Michigan, and Ohio.

Because for a certain type renter it’s just SO easy to continue renting fully furnished rather than having to spend $20-40k on furniture; come up with a down payment on a house purchase; and or worry about repairs and maintenance.  

We also got them to have it professionally cleaned, ducts cleaned, they threw in some furniture for free, paid a lot of the closing costs that buyer usually pays, paid most recent mill levy instead of prior years taxes, paid my 2.8% commission, etc. because it is a buyers market and that's what you can negotiate in a buyer's market. 

Memphis has been an amazing market for BRRRR due to its affordable property prices, strong rental demand, and solid cash flow potential.Would love to hop on a call and go over your questions—let me know when you’re available!

If the home pays for itself and you can afford it, keep it.