Personally, if I can hold with a little bit of cash flow but good upside appreciation over time I’d prefer to hold.

Just my personal opinion - get a mentor or a person who already has good experience running STR business, preferably in your area (but not 100% required). 

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

However, once we implemented technology a few years ago, even our local clients prefer to avoid driving and switched to doing business remotely.

I'm an independent agent here in AR and I write a lot of rental property, with ~6 preferred markets and if the properties have some issues, age, claim history etc.

Since my current strategy is BRRRR, I'm looking for a location where I can implement it successfully within my budget.I’d prefer to target the best neighborhoods or subdivisions I can afford, ideally with favorable eviction laws and other key factors.That said, I started wondering if there might be a better strategy to achieve my goals.

I'm also interested in Virtual for properties and Ideas on Long Island, preferably Nassau.

This is my preferred means of purchasing rental properties for cash from the SDIRA. 

Feel free to send me your preferred contact details or schedule a time that works for you.Looking forward to connect! 

I have some clients who prefer to have a PM for maintenance/contact/rent collection/general management and will place tenants and write leases for themselves in exchange for a reduced rate.