The key difference, though, was he spent months carefully getting to know the local architecs, reputable builders, and even a couple of niche design firms that specialize in modern builds for mid- to high-end buyers.

I found a property in my area that would produce decent cash flow and appreciation; however, I would have to use funds from a HELOC on a different rental property for the down payment.

There's also a calculator on my website that will help you navigate different scenarios.

Also what does the city say is the assessed value of the property on your taxes (it will be different than the appraised value, but should give you an idea).

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

@Brian Stinson- I go between $2,500 and $5,000, but I'm in a different Midwest market so the pricing in probably different. 

I'd send out 500 at a time, using a different mailer/method weekly.

To the insurance company they will view an STR differently than a LTR.  

I acknowledge I made numerous mistakes, but I do think I have a lot working to my advantage here.

@Bayo Badejo Agreed, that Zip touches a lot of different areas, from the national park to south of exchange.