Concerns: Although the cashflow is good, we weren't sure it's valuation and potential for appreciation since there is no good comp like this property in the area.

I would also be curious to see what the market rents in the area are to see what the potential upside is. 

Mike, My recommendation would be during due diligence for a potential purchase, ask for past 12 months of all utility bills, property taxes, and any other municipal requirements like rental permits, occupancy inspections etc. 

Eventually, I would like to open my potential beyond state lines.

What I hear from a lot of potential investors is that I just want a property that hits all the numbers I've read about in a book or heard about in a seminar.

@Brandon Ortiz: each strategy has its own risks and potential rewards.Owning rentals, you have the constant maintenance and tenant risk associated with owning property.  

@Tom EvansCongrats on the potential STR in AZ.As for a shared well agreement, they can be tricky (even when it does not involve STR usage).

@Anton TikhomirovPrices and potential (cash flow) returns can be slightly misleading if the investor only looks at these. 

Tulsa, Oklahoma is a city on the rise, and the real estate market here is full of potential. 

Give them a portion of the profits from the STRs and have a buy-out clause when you have the funds to refinance.I am sure there are many other potential options for you to look into, but just off the top of my head these 5 came to mind.