Research selling under a Land Contract or Structured Installment Sale- It's an alternative to a 1031 exchange that investors use to delay the tax man.   

@Forest WuBroker dealers search you will want to find those investing in alternative investmentsHappy to send you a list

Conservative LTV first trust deeds are currently paying over 9%  and generate good cash flow when buying doesn’t make sense.Yes that´s another wonderful alternative, I invest in notes as well, got no tenants & no toilets and with those interest rates a return, where I don´t need to buy real estate for cashflow.

You can use a DCSR loan alternatively, or as I love to do; buy homes using seller financing.

Real estate is hard and needs commitment, but it's one of the most interesting alternative investment.Legal: it depends on what you need. 

With regards to traveling nurses, I was mentioning them as a potential tenant pool if I decide to purchase a STR, as an alternative or supplement to vacationers as occupants. 

The alternative would be to invest $260K in the stock market. 

But you are less diversified if that building or area does poorly versus geographically dispersed alternatives?

An application, approval/denial letter, lease, checklist, termination and security deposit notice, will cost many thousands of dollars from a lawyer if he drafts it from scratch for you and, for example, if he is not located in Cincinnati he probably will not be familiar with the ordinance requiring deposit alternatives or providing tenants copies of the ordinances and statutes the City requires. 

Think about other financing choices, such as traditional lending or innovative financing alternatives for homes with several units.