Great post - I have several inquiries for clients with the desire to own coastal STR's and just noticed the red tape is suffocating when I would dive into listed opportunities and feasibility with the municipalities. 

The answer to your question really depends on your goals and desires to scale? 

Purchase price: $65,000 Cash invested: $65,000 Sale price: $225,000 Property was in a desirable location and had a great floor plan to work with.

I had zero desire to build a bunch of rentals this way..

Go for the desirable locations in the city and if you’re investing from out of state or country my recommendation would be to stick with properties that require minimal rehab. 

I knew it was going to be desirable, but dang!

Cities and counties are constantly updating their policies, waitlists or processes and eligibility will likely be the key ingredient to desired usage.

@David Flores, what is the main desire to partner? 

For example, if the brick property is located in an area with high crime and other factors that make the area less desirable, it may be better to choose the vinyl property.

However this is not happening so much in Nashville as it is still incredibly expensive and desireable.