We are considering stepping in and trying to buy the place, but looking for some guidance on STR and what kind of money this place can bring in. 

The VA and Fha loans have been able to do it but their strict appraisal guidelines make it tough to buy the often older homes in my market in Virginia Beach / Norfolk Area. 

So shift your expectations to most of the cash out and you'll be good and you'll actually start buying deals, versus people who wait for the perfect deal, spin their wheels for 6 months terminating contracts/analyzing hundreds of places, and then eventually burn out and give up. 

I was trying to work with them to buy more property in different markets and get it under a Master Lease with them but they have been really picky.

You are better of buying duplex deals on the west in areas like Brooklyn, Tremont, Cudell, etc...

A good Realtor that knows investing should be able to connect you with a great PM in the area where you plan to buy.

BTW, there is a lot of angry homeowners receiving lots of calls from investors to buy their homes cash... 

In many countries foreign investors buying rentals can't get loans or loans at all. 

Hey @Sidney Duquette so I am not a fan of buying properties that can't perform with the hopes that it will build equity to offset the losses.

So why would we buy the cash flow at a rate of 6%?