You can find plenty of markets where nobody builds and you won't get competition but you won't get bookings either because there's no demand.It has been proven that, with short term rentals, it's the really professional hosts that make the bulk of the money (think the 80 - 20) rule.

Readers should seek professional advice.

I’m not looking for cash flow per se, but I’d like for the investment to justify taking out of my professionally managed stock portfolio which did 20% this year. 

Speaking from past experiences vetting the real estate professionals that you chose is paramount.

Readers should seek professional advice.Thank you for your wonderful response, Ashish!

Quote from @Nathan Gesner: If I've said it once, I've said it a thousand times.Nathan, while what you state works 90%, when you reach a certain level you become a TARGET for predatory attorneys and professional plaintiffs.

Readers should seek professional advice.

Readers should seek professional advice.

The city's economic development initiatives have been attracting businesses and professionals, creating opportunities for real estate investment.

Consulting with a tax professional is advised to ensure compliance and proper handling of deadlines.This post does not create a CPA-Client relationship.