Alas, this scenario didn't last very long, as you would expect in a free market capitalist society -- new money flood in, more STRs in supply, property prices increase, STR incomes decrease, until a new equilibrium is achieved.Nowadays, the word STR is being used to describe both the property and the business.

Until the lease ends and then the legal notice time in your market has passed.

I suspect maybe something like Hagerstown or Cumberland, which yeah are Class D like markets with declining populations, high drug problems, no strong job base which leads to non paying tenants.

Quote from @Lee Banks: Hi my name is Lee I'm looking too buy my first rental property and but I feel as if I need a mentor to watch, I still need to learn the basics of real-estate does anyone in New York do programs or mentorships and where would you start if you first started real-estate today  Hello Lee,I'd recommend looking up local meetups here on BP, meetup.com and, eventbrite.You can also call around to speak with RE investors and professionals in your target market to begin making connections.With so much available information online, I'd recommend speaking to a few people and doing independent research before committing to mentorships.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

The marketing class will help you keep your STRs and LTRs leased.

I live in middle Tennessee, just south of Nashville, so I know a decent amount of some of those markets.  

With rates where they are, I'd expect you don't plan to be in the mortgage for more than 3–5 years (maybe less) depending on where the bond market goes. 

And when an all brick 5+ unit comes to the market it is grabbed up incredibly quickly and oftentimes on future value not todays value and current NOI.

Or maybe certain markets or property types you’re curious about?