Then have a high savings rate by limiting spending to what you prioritize and maximizing income by focusing on what you know. 

That being said we have the cash to pay for it outright but have been trying to learn the lending game for off market deals and to also maximize our cash on cash return. 

Once fees and improvements are taken off too we should be maximizing that.

What are the thoughts and suggestions on rehabing a property and then converting it into STR to maximize the tax losses?  

I'm always looking for ways to maximize a parcel instead of just flipping it.  

Great point @Twana Rasoul Often times the entire funds are needed to maximize your next investment.

I'd start with focusing on getting a top net, hopefully you are working with a good agent, hopefully they worked it out with you that in your current market this is a good time to list your property and maximize its potential(?) 

Could anyone provide recommendations on specific locations or strategies to maximize my chances of success in this venture?

Given your interest in wealth building through real estate, have you considered exploring out-of-state investments to potentially leverage market conditions and maximize returns?

From stories I’ve heard, it’s not rare that the seller will keep the tenant in there until closing date - they’re probably maximizing what they can get for rent.