My two cents would be to start with a solid business plan that accounts for phased development.Also, even though you're outside city limits, keep an eye on county regulations.

(My assumption is it may be tough to prove enough material participation if using someone local to manage.)Two things worth noting:1- I'll be discussing with my CPA in-depth soon, but would like to hear other's experiences on this.2 - The main reasons I'm looking to STR's is the tax benefits (Cost-Seg) & appreciation that comes with buying in these areas opposed to the mid-west where I look for long-term rentals..

This approach allows me to structure deals that benefit all parties involved and unlock unique opportunities in the market.I'm eager to connect with fellow investors, share insights, and explore new opportunities together.

Another West Louisville project coming to completion. 

Here are a few tips to help you score that first deal:Network: Join local real estate groups and online forums like BiggerPockets to connect with other investors.Find Motivated Sellers: Look for distressed properties and consider sending direct mail to homeowners facing tough situations.Research the Market: Know your area’s property values by analyzing comparable sales using sites like Zillow or Redfin.Craft Compelling Offers: Highlight the benefits of a quick sale to sellers and consider a solid earnest money deposit to show you’re serious.Market Yourself: Use social media to share your journey and post flyers in local spots to attract leads.Stay Persistent: Rejection is part of the process, so learn from it and keep refining your approach.With your big business mindset and hard work, you’ll make it happen!

Your total costs would outweigh any benefits monthly for that. 

The biggest differences are the benefits from being in Nevada and right next to Lake Tahoe. 

Your Net Worth ROI calculation takes into account the appreciation, loan paydown, tax benefits, and the rent avoidance (the difference in what you pay towards your mortgage compared to your rental situation).

Paying above market to gain other benefits is sometimes a difficult pill to swallow, but for the unbiased investor looking for the best” ROI the risks and rewards must be analyzed rationally.  

After they see the full benefits (decreased living expenses, appreciation, debt pay down from your tenants, depreciation), then their mind will change :)What is the business plan transitioning from HH#1 to HH#2?