The house is located in San Antonio.

Also keep in mind that many of these vacation locations have began changing enforcement and regulations for STRs so make sure to research a lot about pending legal actions and public sentiment of STRs in any market you want to enter and formulate several exit strategies to protect yourself in case there is a shift in the market there.

I have a a great project in a prime location, but finding the right investor has been pretty difficult. 

While I acknowledge that Long Island may not currently be the most optimal location for the BRRRR strategy, I am eagerly exploring opportunities in the tri-state area, including New Jersey, Pennsylvania (with particular interest in the Poconos), Connecticut, and beyond.

The house is located in a relatively nice neighborhood near universities and plaza.

Are you located in DFW area?    

That said, location matters a lot.

The goal is to mitigate the risk as much as possible with finding a good location and solid property.

When I had located this particular duplex I contacted a local agent to represent me on the acquisition.

You aren't necessarily building that much equity (cost of building exceeds the value) but it is a third option that is a hybrid.Another factor is location.