There are people still moving to TN, which will continue to push pricing up, and while most of the country has seen rents either flatten or go down, most of these markets have done pretty good.Problem is in the short term it may  cause an affordability problem, especially in the smaller markets that don't have enough building.

I would consult with your CPA and your lender on options depending on which path may be more beneficial. 

ITs going to depend on a lot of factors but just jumping into STR "around the country" (i.e. potentially very far from yourself) is going to be challenging - property management fees are going to eat up a lot and its hard to cash flow as it is with current rates/prices.Most people would start with LTRs as its generally good for the "first investment" to be more of a learning experience and chalking up a lot of mistakes - so keeping $ amounts low, leverage conservative and the investment as "vanilla" as possible is generally good advice

@Sendhil Krishnan Great post, very accurate based on my experience thus far on the same path to our first RAL.

To really reap the benefits of your ownership of the NY property over the years you'll want to sell and do a 1031 exchange whilch will allow you to reposition your real estate anywhere in the country and into any type of investment real estate --- without having to pay tax on the profit from your sale or the recapture of depreciation. 

We're in real estate and will cross paths again eventually, doesn't seem to make any sense to burn a bridge. 

I truly believe that short term rentals are the fastest path to financial freedom.

We are looking into wineries (Longshadow and Thornton) and a couple of beautiful country clubs at the moment.

And flying out lake Chelan to Stehken for the air tours  such awesome country and such a well kept secret.. 

Texas’ active inventory in June 2024 was about 4.6% above its June 2019 levels.That means, of course, that the inventory situation in much of the rest of the country is still quite tight.