You could see insurance policies in the six figures. 

Quote from @Andrew Steffens: I think going into an STR purchase with reasonable expectations of cashflow in this current market and rate environment is admirable. 

Be patient with returns – In the first few years, don’t expect huge returns.

I'll reach out to my lender to figure out what my options are.

After pointing this out, I would have expected the cost to be eaten by them.

It could very well be its all lost but seems like a big jump to conclusions by investors that basically did very high interest rate investing and expected  CD like performance..

This will give you time to figure out options in Portland.  2.  

Now, you need to figure out how to find deals and pay for them.

The numbers may look good on paper, but the reality is very different-lower quality tenants, higher turnover, more problems and less money than you'd expect as a result.

@Zach Howard some copy & paste advice below:)-------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?