Sam mentioned markets in North Alabama that may work much better right now than Huntsville and Madison, so I would definitely explore them. 

@Jason Baker I attended the University of North Texas in Denton, Tx shortly after high school.

I could lose my Florida house in a hurricane and move into my North Carolina house or my Tennessee property.

What's the exit strategy if any, for the investor, given that, with 50%, he has no control and the market there is illiquid, especially when the HELOCs out of North American properties are much more expensive.Properties in Costa Rica are already expensive and I've tried many times to make a potential investment there work and it's never worked with the figures.

. % based, it's just about getting bodies in and keeping them in, and that's done by taking the first most desperate trash off the street who says they'll pay. 

I have a rental down the street that was my primary for a few years, so I am not just someone looking for a quick deal.

Quote from @Wade Wisner: I lived in north Florida from 2003 to 2008 and did a number of residential and commercial fix-n-flips during that time. 

I started staying on the North Shore of Oahu back in 2005, and it was easy to find a STR.

This in a neighborhood that is slowly appreciating, some renovated homes mixed in with older homes, but is street by street:Purchase price: $130,00001% rule: meets about 0.88% Down payment 20% and closing costs: $29,493Rate: 6.99% conventional 30 yearMonthly payment PITI: $1009 (was $859 until property taxes increased recently) Current rent $1200 (increased from $1150)Property management fee 10%: $120 (was $115) Net cash flow (if no repairs called in): $71 (was $176)Net rental income most months: $170 (first month rent), $935, $922, $1035 (full month rent minus PM fee) $567, $760, $307, $963, $1035 (full month ), $535, $925, $1035 (full month but now property taxes increased), $585.

People’s Republic of Asheville is more concerned with STR regulations than people living in boxes on the streets.