There are still ways to make STRs work (good deal on a home, buying down to a lower interest rate, etc.) but make sure your profits are worth the hassle that you will encounter, because there WILL be some hassle with STRs. 

For those of you experienced in finding undervalued properties, what are the biggest risks and rewards you've encountered?

I posted because this would be my first time asking for DSCR, Fix/flip, long term/short term financing & I’m curious how that plays around what we’ve been encountering in Detroit.

Thanks for the mention @Nathan Gesner@Jodi-Ann Birch we don't do business up in Flint, but we have encountered Gebrael Management a few times as they've tried to do business in Metro Detroit.They seem to have good processes, but please validate they will meet your expectations.Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Jake, Gino, Josh, Dillon, and their entire team are some of the most genuine people I've ever encountered.

Any other details/calculations on this would be appreciated.Like many my home sticker price is up, and I'd like to tap the equity to make a series of high yielding, diversified investments.

Challenges Encountered: Were there any significant challenges you faced during this transaction, and how did you overcome them?

Along my journey to understand how to acquire my first property, I have encountered people that swear it’s possible to use other people’s money (for down payment, closing cost, rehabs etc) but on the other hand I have investors of 20,30,40+ years who think I am absolutely nuts for even thinking it’s real & make it very clear that I am an idiot for ever believing such a thing and will 100% need to come up with my own funds.

Specifically, I've encountered frustrating connectivity issues, like frequent disconnections and slow updates, especially from my primary bank accounts.

I’ve been hosting for three years and recently encountered an issue I hadn’t faced before: an alteration request to check out earlier during a stay.