Like everyone said.Grab up @Avery Carl's first book - https://store.biggerpockets.com/products/short-term-rental-l...Then grab her next book which is available for pre-order - https://store.biggerpockets.com/products/smarter-short-term-...Seeing as you are new the STR business, these are great books to grab up and read.

One theory is that the investors see population increasing in these areas and are willing to deal with the ridiculous local laws This actually isn’t even necessary true, the placest with the biggest per capita housing production or “investment” is in the sunbelt, the expensive cities produce a shockingly low amount of housing, obviously zoning laws play a huge role in that as well, but even when you looking up institutional investment in existing properties it’s mostly in the sunbelt, most people who own big buildings in hcol areas just bought them decades ago when they were much cheaper, even D.C. has has like a 4-5 fold increase in value in some areas in the last 15 or so years.

I was getting ready to slow way down and do an esop .

Remember, grow slow and sturdy, then explode with growth.

Retail and data center REITs lead, with Realty Income and Digital Realty Trust among top fundraisers.While REITs raised significant capital, property acquisitions have slowed, with more sales than purchases recorded.

Buying distressed & fixing yourself gives you the full intel on the quality of your product, buying 2 rather than 4 you can pay for better locations, then having reserves gives you a healthy peace of mind.

If the market is slowing down, it might be better to hold and wait for a better time to sell.It's great that you're thinking ahead and considering all your options.

I don’t mind someone pushing their product, as long as it’s acknowledged by them that they are bias because of it.   

After reading and talking to my lender which didn't offer it (similar to what @Drew Sygit said) I went the conventional route and used cash for the remodel. 203k loans have hurdles, payment draws, specific contractors (grosssss), and other requirements that slow you down or cost money.Investors have found success with (203) loans it but consider your overall goal, budget, and timeline. 

If you find a lender/mortgage broker that communicates very well and in a very time efficient manner start there to see if they have a product that works.Most of the lenders we have worked with in the past we have done multiple loans with.