Now from an investment standpoint, I would assume when it's in the lowest demand it's the best time to buy but if this STR could be a LTR you're playing in that same market.

Development is one of those plays that either goes incredibly well or incredibly poorly.

I once attended a free Kiosaki seminar on buying in the stock market........then they asked us all to play Roberts stock market board game to aquaint  us on the basics...

You step in and offer them a creative finance solution that looks like this: (these are real numbers btw):Seller asking: $275,000 for 3/2 Single family split level, 1400 Sqft, with bonus room in basementYour Seller Finance terms as follows:Down payment: $20,000 cashSeller carry back financing amount: $255,000Terms: 5 or 7 year note with balloon @ 2.75% (or any negotiated terms here)Principal & interest: $867.61 per month (wow!) 

If they do their due diligence and they lose their money then that’s the risk reward they signed up for.BP wants to play a role then sell training or develop checklists.  .  

Investigate how to vet tenants properly, there isn't a one-size-fits-all approach, and the resources and limitations of your locality should play a big part in determining the technique you use.

(I'm not sure how this will play out regarding the value of the home and only paying $160k.

It’s a great out of state market with a ton of strategies at play.

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With that said, there are factors that come into play there.