Some of the top producing areas we've noticed in terms of pound for pound ROI and generally smooth path to STR permit currently include: Florence, Brookings, Waldport, Nehalem, Lane, Coos and Curry Counties, and case by case Rockaway Beach (three oceanfront STR's for sale with permits) Lakeside and Bay City. 

I have three full time people (other than me) that run day to day operations.  

Now, let's say its a three-bedroom SFH which would sell for $150,000 to $200,000.

I may switch to a 5% conventional loan to avoid the risk of failing the self-sufficiency test.

We are not first time home buyers but have three single family homes ( rental) properties in California but want to buy our first apartment complex out of state for generating  cash flow for the long term.

You can pursue any of the options you mentioned, or even all three.

It is a ranch-style single-family home with three bedrooms and one bathroom, consisting of a first floor and a basement.

Judicious use of leverage (debt) when the property will still cash flow positive after debt service; when there’s enough equity left in the property to refinance if advantageous, and when sufficient reserves are held to cover vacancies, recessions, and unexpected repairs5.

Consider using your VA loan benefit to purchase a 2-4 unit.I’m active duty Air Force and purchased three homes with my VA loan benefit.I wish you all the best.

Loan terms are going to vary, based on the asset, your liquidity, net worth.We've got three deals currently under contract with a credit union, 25 yr am, 6.75% rate, 2 years I/O, 5 yr term.