If you get properties that are within walking distance to fun things like: bars, football stadiums or basketball stadiums, then they will always be in high demand and very low likelihood of vacancy. 

It's automatically MTR (by the month).The best strategy is to do MTR in the low season and STR in the high season.

@Jeremy HartwigYou are missing a lot of important data, such as median income of the area, rent comps in the area, what current values are.You are buying on actuals, but in many markets that have low supply and have a lot of demand, it makes it difficult buy based on actuals.

Currently, a decent house in Waco ranges from the low to mid 200's.

Quote from @Bonnie Low: I don't know if Pricelabs would work for MTR.

FHA loans with low down payments are ideal for this.In the meantime, focus on improving your credit score and maintaining a solid financial foundation.

Off-market deals are the best way to secure a low purchase price, however, finding off-market deals can take some persistence (and luck) Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I agree that 20k cost estimate is low.

However, about a week ago, I followed up, and the agent mentioned the price had dropped with no activity, and that the occupancy restriction would be lifted after 30 days on the market.I made a low offer, and after some back and forth, they declined but then listed the property on the MLS for less than their lowest counteroffer to me.

@Larry Nielsen Sounds like a very long term tenant if their rent is that low and they've been reaping the benefits of it being low for at least the past 3 years.