I just wasn't sure if an extra bed (without a legitimate room) would actually increase what I could make in the short term rental sphere. 

Is there anyone else in your sphere of influence who is like minded and wants more out of life whom you can partner up with?

The treads I was buying were 3" thick wood treads, but I realize I cannot meet the 4" sphere requirement.

You never know who in your sphere of influence (friends, family, neighbors, coworkers, etc.) can help connect you with a potential mentor or other REI who can lead you in a positive direction.

I am from Melbourne Australia so struggling a little to comprehend the different housing market down here in OZ.

these low value assets are hard to finance so most pay cash.The west coast of the US from San Diego to Seattle is more in line price wise as where you live.. and in some areas prices even higher than OZ  .. 

Your sphere and neighborhood are your competitive advantage to find deals.

There are a couple of other ways to do it if you have a specific property in mind and want to check if it's in an OZ or not. 

Hi @Adanna Davis, the things you can do to compete in this space are one or the other of these:- Compete on price- Offer something the others don't.In my (limited) experience, price is usually the most experience and least enjoyable sphere to compete in. 

Most agents that start with a smaller sphere of influence, work a "side" hustle!!