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.

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. 

@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.

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

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!

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.

There are a limited number of permits available in each neighborhood and there is competition from hotels and push back from the community.

There is a lot of competition in Greenville, but a very desirable market.