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I guarantee virtually no one is meeting that rule in SD because they're all on here looking to buy in Cleveland or Detroit because in that market price to rent ratios are so askew that buying at a 50% discount probably doesn't get you the 1% rule. 

It looks like you are doing an affordable build based on the cost but hard to say since you didnt provide info on the build itself such as square footage and finishes.

Then continue to scale - don't try and retire off one deal

I finally settled on "Mom and Pop Residential" and "Mom and Pop Commercial." 

Quote from @Jack Townsend: I heard David Greene mention a loan product that only requires a 10% down payment on the purchase price and 10% of the rehab budget.

one thing I didn't see in this thread is... do you WANT to own and operate an STR?! 

So as a newer person in an area if you want a lot of bids before you close you'll normally end up with the more expensive guys or the ones that don't have work at the moment (usually for a reason).

@Jorge AbreuI'm shocked that nobody has commented on this post sooner.

I've been a financial planner for 17+ years and one of the main things I've learned is that the more I think I know what's going on, the less I'm actually correct.