I wish I would've thought about househacking back then so its cool to see someone taking advantage of the strategy.As you mentioned, Long Island is super expensive and competitive.

Matter of fact I hope you don't because REI Reply gives investors a leg up and honestly I'd like to keep it to the little group we have now because we are killing it with this program and I definitely don't want my "competition" to have the same leg up we have.But since the owners have been so amazing to me and my business and clearly many others and have an amazing product we wanted to support them.

It is a common theme in the area and less competition is making it harder to keep prices down, but I'll definitely be shopping around. 

For new STR owners it's going to be difficult to get going with more competition - but not impossible.

In an ideal situation, this kind of deal can benefit all the parties involved, especially if it's a highly desirable property; The seller gets some privacy, the agent makes a few calls, and the buyer has less competition.

With the increased competition among sellers, it’s crucial to prepare a listing to stand out among the rest and work to address buyer objections prior to going on market.

I had made a list last year from the kind people on BP...I called around 12 banks, found the 3 with the most competitive rates...lost the list and all my info in a house move...I’ll get to calling these banks tomorrow!

Investors flock to them, so you have plenty of competition and I see super low rents.As with @Alecia Loveless advice, I would suggest buying resales. 

There's so much competition that is willing to overpay for homes right now.  

@Michael Csrnko1) Make sure to use a pricing software like price labs or wheelhouse to have competitive pricing. 2) Don't always give refunds or credits to guests when they complain to get a 5 star review.