It appears there are still opportunities to buy good properties in decent areas, though I’m sure it’s important to be very specific about locations.

Quote from @Kristi Kandel: Quote from @Jay Hinrichs: Quote from @Kristi Kandel: Quote from @Manuel Angeles: When developing affordable housing in California (more specifically Los Angeles), how complicated is it to raise capital using subsidies?

Alternatively, consider bridge loans, HELOCs, or post-purchase refinancing to preserve liquidity.

For example, are there specific documents or information I should prepare, or would identifying a target property first be more beneficial?

My advice would be to specifically retain a potential eviction attorney from the start, in order to be prepared for how this *may* go. 

I would also add that you join your local REIA chapter (Real Estate Investor Association) as it will allow you to network with other STR owners and get more location-specific information. 

@Eric Coats, to answer your specific questions, estimating expenses are pretty simple. 

If you need help with landlord laws, house backing strategies, or traditional MTR investing specific to New Jersey happy to help.

That's not exactly a good alternative to sub to. 

For a long term investor:Would it make sense if you could buy the home at a steep discount and then let the owner stay rent free for a specific period of time?