They put on a good show, but don't buy in.

One of my CFO clients just did this last year and got cashed out over $1M, which he's using to buy more properties.

What else would you do with the cash if not buying another investment property?

Just make sure you are saving towards those slow months during the peak months, buy a deal at the right price (don't overpay just because its a turnkey STR or you think it will make more money than projected), and look into ways to increase bookings during those slow months with some marketing and operation tweaks. 

If you are buying to live in, you could also do FHA with a cosigner.

What you describe sounds a little like a BRRRR (Buy Rehab Rent Refinance Repeat). 

My Wife and I are going to pull the trigger in 2025 and are looking in the Central PA area to buy our first STR.

For someone looking for diversification or steady long-term growth without getting too hands-on, your suggestion of buying and upgrading a rental property in a familiar and appreciating area makes a lot of sense.

I currently live in WA state and invest out of state for buy and holds.

DM me your email and I can connect you with the organizer.The group discusses buy & hold real estate, both single family and apartments.