You of course need to strategically purchase the property to where it will meet your investment criteria when you depart, which is where a good agent comes into play. 

Investing in real estate is a long-term play so it has to fit into how you want to build your life.

Taylor just called to congratulate me on my first purchase and walk me through the next steps.I will update this post as the process plays out and my first rental property journey begins. 

If we did everything on the inspection reports, then the property would be worth more so we refuse to play that game.

This is not a cash flow play, and projecting a %3.1 return makes it a challenge to operate.Good LuckGino

Section 8 can be a very smart play, but it's not great for first-time investors who are not planning (and have the resources) to continue the play to understand and perfect the obligations and to ensure the best renters.

I am figuring out what I want to build next that will have the best equity play but still crush as a STR.

I'm curious to hear how it played out.

It's almost always worth owning a house in a very good area, very rare it's not worth it.Making it a STR is just a hospitality play, the underlying value is the asset.  

The play is a 3 to 5 year hold, raise rents to get the valuation up to 600K and liquidate to 1031 into another investment.