Too many investors are looking for a market and ignoring where they may have a competitive advantage.

If you're planning to invest less than $400-500k USD, the properties you could find within that budget will not stand out in the market, and you'll face high competition in the STR (Short-Term Rental) market.

Always push for the bidding war, it will push the price higher than what anyone expects due to the competition overwhelm that buyers get and push the property to new heights.

@Sam Newell -- The CAP rate and COC returns through FIG's new 4-plex constructions are the selling points in what is otherwise a very competitive rental property market in Salt Lake and Utah counties.  

We will also birddog the best opportunities on the contracting side so i figure we can boost out hourly rate up to at least $100/hr (from 80), and jump from the build to contract jobs to take advantage (we have our own heavy equipment and dump truck).

tougher than advertised. there is lots of competition for deals; good contractors are booked up; materials are expensive; and interest rates are high.

There are commercial mortgages that are written so they have heavy penalties for early payoff but they are assumable.  

Cons: Market competition can be high in desirable areas.

Plus the tech heavy market is moving into a commodity market versus an innovation market or first entry.  

If your competition is at 60% cost to income, then you should be close to that