Backstory: As some of you know based on previous post of mine I've found my first "possible" real estate deal. 

This of course is all based on who your market is. 

We have a minimum income requirement to qualify for this unit (4 times monthly rent); based on your email, it appears you meet that qualification.

As an example, last year we saw markets with 9% rent growth, and some with -5% rent growth -- so there is a large variance and I expect that to continue based mostly on supply dynamics as Scott said.

While I agree that the purchase is an important part of the process, if you buy based on price and not on the STR aspect of the deal, it could fail.You might get the best damn deal on a property in an area that makes a terrible STR thus it isn't a deal at all.

And in part, it depends on the investors and capital that you have access to (this tends to play a factor in many decisions when raising outside capital).If you do want to go the fund route, you might want to consider using Avestor. 

We determined the ARV, estimated our rehab, decided on our required profit, and then negotiated on the purchase price based on that data.

This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.

With 179 you are going to be limited based on your percentage of business use with the vehicle (so still need to track mileage), and if you go under 50% business use you can end up with a recapture of your prior 179 deduction - income with no related cash flow is always a bit uncomfortable!

For instance we are raising rents now because we put in a laundry facility.Morale of the story is to close on a deal quickly, then be the go to guy for off-market deals by doing what you say you'll do.