Any tips for navigating the competition in such a hot market?

I’m currently operating in South Georgia market. 

There are several articles that do an exceptional job of explaining who, what, where, why and how tax payers qualify for the ‘STR Loophole’ listed here:The Short Term Rental Tax Loop Hole: A Game Changer for W-2 Wage EarnersThe Short Term Tax Rental Loop Hole: What Investors need to know The implications on the Oregon and California Coastal STR market is a strengthening buyer pool for luxury rentals in the $750-1.5M+ range.

A property that I own was on the market. 

If the market value mentioned above is accurate and the “initial” loan balance hasn’t increased by rehab funding, I wrote above that the proceeds are just a couple million after closing costs and commissions.

Any advice on potential MTR markets near Houston and surrounding areas?

Initially, I thought I could split the lot.

We would like to refinance as soon as possible after the build to recover all or most of our initial investment.

Initial Equity: The discount you achieve when buying below market value.

If you get greedy and put #3 in front of #1 or #2 you can get burned like any other market.