The higher the cap rate, the more risk involved in the building. 

When you sell a property that has been depreciated, the IRS requires you to "recapture" the depreciation deductions, taxing that portion of the gain at ordinary income tax rates.

There are many STRs that do quite well in the suburbs of major cityies Off the top of my head, I can think of one of the STRs we manage that is 40 mins outside of Dallas and it has a great occupancy rate.

The interest rate on a HELOC or Heloan may be better than the personal loan. 

Also I've heard of some DSCR loans that are not too far off from conventional rates.  

Personally I would want to manage the rental myself at least in the beginning to make sure you get good ratings.

Additionally, a pro-rated portion of tax is due if you sell with debtOr dent is on the priority for the year prior.

Check their occupancy, nightly rate and amenities.

As Vince said it is a quick guideline and won't work in most places with current interest rates and house prices. 

If you pm me info I can give you more info and contact for the license board.