To answer your question (that wasn’t actually aimed at me) my concerns are investing in an area that I’m completely new to and building an out of state team that will be effective. 

So how are you going to convince an investor, presumably an American, to invest in a foreign country where he/she presumably has no experience rather than investing in his more profitable backyard.

@Anthony MillerYour property management experience is a major advantage as you start investing, giving you a head start with tenant screening, lease agreements, and maintenance coordination.

My SFH investment s will help me absorb my losses, so it’s a good learning experience.  

Does anyone have experience of setting up a STR while in the same position? 

That experience taught me the importance of leaning on local expertise, even if it feels like an unnecessary expense at first.One strategy I’ve seen work occasionally is offering the tenant a “cash for keys” deal, where you pay them a small amount to vacate voluntarily.

In my experience, most have limited product offerings.

Sure, it can be quite a process, but with experience and a growing network, it does become more manageable.Let's go!

I have an appointment with a lawyer, but id love to talk to anyone that has had experience of converting in the past in Hoboken.

Raleigh specifically has introduced “Fast-Track Plans” designed to streamline permitting to build ADUs faster and more cost-effectively.