I am very familiar with the strict zoning laws for Hawaii short term rentals but most Waikiki apartments are either too expensive or leasehold only properties. 

Wait .. all...This entire question is wrong.See, be careful when you say Every 1000, gets you a deal.Most of you are implying "Law Of Avereges".Law of averages state that something has a higher probability of happening because of the expectation it has to happen because it didn't happen yet.Consider this.

Unfortunately, 99% of BiggerPockets posters who are not local to Philadelphia and choose to invest in Philadelphia invest in the lowest tier neighborhoods, just as they do in most other distant markets where they invest because they are lured in by the inexpensive cost of housing. 

houston is probably similar pricing to Columbus Ohio but way worse zoning laws. we take 20% on top as a GC and a guaranteed fee agreement. our contracted new construction projects recently:Single family new build spec home: 1513 square feet with 3 beds 2.5 baths 1 car attached $275000 approx $182 a square foot if calculated using heated square feet which means our cost is $145 a square foot. 3 unit / triplex new construction: 2008 square feet 2 bedrooms 1 bath per unit or total 6 bedrooms 3 bathrooms with 3 off street parking spaces. contracted build cost $395,000. no garage on this and better economies of scale with shared roof, slab, etc. $192 a square foot hard cost with our cost running approximately $157 a square foot. 

Nashville, Dallas, etc etc)Yeah, I know states like Florida and Arizona have prohibited local municipalities from restricting non-owner occupied STRs.

I've got about $525K in equity in the property, but lenders have told me that I cannot get a HELOC to access that equity for additional purchases because the duplex was financed as an investment - they have said TX law dictates that HELOC can only be used on primary residences.

In the event that you don’t have money to build a cash buyer’s list first by using bandit signs or pulling lists and contacting potential cash buyers, you have two other options:Option 1: Attend local real estate meetups and or your local REIA meetings.

@Tobias JonesesYeah, I don't know California, so talk to a local STR-friendly agent.

just staying totally away from politics, state laws, etc. for a second - just forget that, as that is not my point and that is not why i'm bringing it up - BLUF: Texas is building houses for people to live in, and CT isn't.

If you’re unsure about which specific account to choose, ask a local CPA or banker, since every situation can vary.