There are people located all over who could help you locally. 

Like you mentioned, the money in the market is effortless.

Quote from @Dan Hertler: I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

Quote from @Robert Jones: @Kristi Kandel what market are you in? 

Between the neighborhood recommendations, the renovation "trends", and the "challenges to navigate" I'm praying that a local realtor didn't actually write this.

You might have a tenant upstairs and a local business renting the storefront below—a winning combination​.2.

Some localities have limits, some don't. 

While I'm well-versed in the Australian market, the U.S. market is completely new to me.

Any idea on overall how is the market from STR investment perspective?

While algorithms can analyze data at scale, real estate isn’t just about numbers—it’s about nuances and the most important component of real estate is understanding its value, and that to me (maybe I am old school) but can only be done by physically visiting and walking the property.So for me, factors like local market conditions, property inspections, and borrower credibility can’t be fully captured in a formula.