For your situation, it sounds like a seller financing purchase could be a good fit as well but this would also have limited options and the terms wouldnt likely be great.

@Matt SchreiberI bought my one and only short-term rental (STR) in North Myrtle Beach in February 2024.

Lucy: your story shows that setting up a loan is more than just interest rate and other terms.

Hi David, If building long-term equity and scaling quickly are priorities, then option 2 aligns better for you. 

My short term goal is to start investing in single family homes/duplexes within 100 miles of Boise as long term rentals.

Quote from @Patrick Druryck Drury: @Srikanth Kumar200-250k is a reasonable price range in Cleveland for something that cashflows. in terms of areasI would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre.

@Nathan Gesner Yes, I'm fairly confident if we were to hold long term, we'll do just fine. 

and, with interest rates high, it's very, very difficult to cash flow right now in the short term. 

. $300sqft to build at least.If you have any sort of mortgage on the property you will need an attorney to handle the mountain of paperwork the bank will give you for a lien release. 10k+, also probably some nightmare terms to have to build and sell immediately and god knows what.At this point a year has passed and you have spent at least $60,000 cash, you're about to break ground on a structure that will cost you at the very least $400,000 to build, you are still 1 year away from cashing out because you have to now build a house.

Focus on areas with sustainable taxes and long-term rental demand, targeting groups like college students, young professionals, or travel nurses.