"But rates have been at 7% or higher in the past, and investors still did well!"

Hi @Aaron Raffaelli, you've gotten good advice here as well as some good options.

I network with many investors in the scranton area as well as Vacation Rental investors in the poconos!

I have also taken the relo rental option a few times as well, both as renter and as owner.

One land speculation I bought 4 acres in sonoma County CA ( wine country) in 96 for 27k it was unbuildable at the time ( could not get a septic system on it) Well city grew to us The Graton Casino comes in right across the street and we sold a few years ago for over 2 mil to a land assemblage investment company.

Hello BP Team,I hope all is well!

I bought my first rental in here and it has been cash flowing well so far! 

Quote from @Yaroslav Shtogun: Good morning,Some updates, we did home inspection and the house is not good condition since it was built in 1950 and was not maintained well.

Use the first 2 years as time to tweak and get the STR running well.

This is a unique home and it actually has a full kitchen, 2 bed and 1 bath downstairs and I think it might be well suited as a very large vacation rental(entire home) or both floors being rented separately at some point in time.