With high prices, you also get higher rents, and with low inventory, there is high demand for properties, even with some blemishes on it.A number of factors contribute to whether it is possible for you.  1) Location. 

Property 1: 4/3 LTRCurrent Value: $475kPurchase Price: $363kDown payment: $40k (30 year conventional)Interest Rate: 2.75%Remaining Balance: $294kMortgage payment: $2369AVG revenue: $2775Property 2: Duplex - 3/2 House Airbnb & Detached studio apt 12mo leaseCurrent Value: hopefully within $575k-$600kPurchase Price: $591k (appraised at $599k)Down payment: $30k (30 year FHA)Interest Rate: 6.125%Remaining Balance: $552kMortgage payment: $5041 (including $362 PIM)AVG monthly utilities: $385 (full year avg)AVG monthly revenue: $5261 (full year avg airbnb + $1650/month from apt)

Fortunately, you have the option of a 5% conventional now for a small multi-family. 

For pros, he challenges conventional wisdom and explodes sacred cows by exposing hidden conflicts of interests and mis-alignments that many in the industry won’t admit to.

https://www.biggerpockets.com/blog/short-term-rental-loans-a...Also - PS on the advice regarding getting a vacation home loan - if this is referrring to the conventional 2nd Home / Vacation Home Loan (10% Down Loan) - I'd be very careful here, these are not supposed to be for STR investment properties (you are required to rent it out no more than half the year, not utilize prop management, ec.) - which doesn't sound like your plans for this investment

I have found with the investors that I work with that the changing factor is the inventory.  

I would if you have a lot of time on your hands now its a good idea to go back and get a w2 gig for active income to help you borrow money using conventional mortgages as opposed to using more expensive money like hard money or DSCR loans.

So I think the pricier markets something like Reno, NV (no bias haha) where there is inventory that needs a house hacker but we can still see the margin and exit and realize that hard work sweat equity. 

Here's the problem: Inventory.

A bank does not offer a 30 year fixed conventional loan for a 12 unit commercial purchase.