We're relatively new STR owner/operator in Highlands and have been very pleasantly surprised with demand even outside the peak summer season.

•Low time requirement for operations – the rental operations can be automated to a large extent maintaining a high hourly return and helping ensure quality control.Financing We have found a mortgage broker who seems to be doing a good job so far. 

Are you doing the work yourself or what is your plan on tackling the operations? 

From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

More than likely the asset will in a location where cap ex & management/operational costs are disproportionately higher and therefore your expense ratio will also have to be adjusted to a higher number.  

I operate from Pensacola to Destin to PCB.

However, I enjoy the more operational side of flips and would like to grow my business out of state to increase flipping volume and have less competition in finding deals.

@Matthew Drouin had a great reply:"Typically 50% of revenue is going to go right to operating expenses on small multi family. 

Operating in an industry where "we track time," I can offer a few hopefully helpful tips:1.

So, WHY screw with a successful system that your able to operate without undue stress?