Prospective Oregon Coast STR investors are encouraged to be fully prepared for rapid execution and to expand their search to areas that might not be of initial consideration as licensable inventory is increasingly limited. 

Your key considerations include loan approval, property management, market research, legal ownership, tax implications, and an emergency fund.

If there is no coverage, the question becomes, what is the value of loss taking into consideration depreciation? 

You also have to take into consideration this is a condemned building, so you will need to get permits for all the work you will getting done on the property, Also, given that this is SV and not a prime area on the west side your ARV will not be high.

I do know people that rent in this market with success, but not without considerable headaches (I do not own rentals in this market). 

You might also want to take into consideration if it's a single-family or a multi-family.

Fairly new to the RE game. What recommendations/advice does the community have for NEWBIE out of state investors?

Its a consideration, but unfortunately not as simple a solution as I would hope for. 

One more tip – people remember stories that trigger their emotions.

I think this would eliminate the possibility of triggering a “due on sale” issue because the property is already in an LLC and I am only selling interest in the LLC.