Renting the PropertyIf your parents rent out the home, they have multiple income-generating opportunities: Renting As-Is: A 4-bed/2.5-bath home in a desirable area could command a high rental rate, likely around $2,500–$3,500/month, depending on local market conditions.

You’d need to check the local laws to see what counts.Tenant Violations: If they’re breaking lease terms—like not paying rent or subletting—you might have grounds to evict.

And a local resident is usually very helpful.

I am on the board of CFRI, the local chapter for National REIA.

Granted there is a cost in hiring an agent, Having someone analyze each deal with localized knowledge is worth its weight in gold.

Starting with the Right PropertyGiven that this is your first STR and you’re planning to manage remotely, I’d suggest focusing on a market with a strong local infrastructure for short-term rentals—like Panama City Beach or Destin.

We put together multifamily deals locally, and also run a monthly meetup group.

In 2022 the rents increased 12.1% year over year which was the 3rd highest in the entire country per https://www.axios.com/local/cleveland/2023/02/14/cleveland-rent-prices.

It definitely won’t hurt our local market.

As a beginner investor based in the Seattle metro area, I'm eager to learn from your experiences and share my journey as I get started in this field.My current strategy is to focus on live-and-flip for the first three deals (looking for my second deal) to gain hands-on experience while building equity and learning the ins and outs of renovation and the local market.