I’d love to hear your thoughts, experiences, or advice on this approach.Thank you in advance for your insights! 

My experience.

If anyone has any experience on either end of a transaction like this i would be interested in hearing from you.

I have personally been the guy who hasn't pulled permits and got caught...by far one of the worst experiences of my investing career.

I wanted to know more but all of my life experience up until that point had shown me that this must be a scam.

I saw an example recently in Bloomberg about how local regulations can really shape a landlord’s experience, from what I’ve heard.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

Do you have experience with STR? 

I think 1) 10 years that includes recovery from GFC and the Covid pandemic is not a long enough duration2) I think for those 10 years, 100% is not that special3) I think many Midwest markets did not experience the appreciation you depict.There are Midwest markets that have pretty good long term appreciation but there are also many Midwest markets that have appreciation that has not historically kept up with inflation.  

Now we're seeing investors pouring money into buying Class C rentals - but, many are getting burned.In our experience & opinion, the main determinant of property Class is not location or even property condition, those are #2 and #3.