Running a successful STR comes down to 3 Ps: pics, people & pricing.1) Decorate your house nicely & pay a professional photographer to take some amazing pics2) Hire amazing people - cleaners, handyman, recruit some neighbors to help fill in the gaps, & self-manage or hire an offshore VA to manage the property if you'd rather make yourself rich instead of making a local property manager rich (more on that here: https://www.biggerpockets.com/... )3) Price fiercely to maximize profits not occupancy (they're not the same thing).

Vacancy is a gambling. 

A train running from Philadelphia, the integration of more college satellite campuses, and the highest density of casinos and gambling on the east coast.

nowadays investors tend to implement the GAMBLE factor of:1.

My money will be tied up for at least a year and it seems like a gamble if the house were to burn down ect.

Love the idea of investing in this rather than gambling in the stock market.  

For that reason it's speculative or educated gambling not investing.Realestate had hundreds of proven strategies to generate wealth long term, bitcoin doesn't.That being said if having some bitcoin gives you joy buy some and see where it goes.

Attorney’s aren’t in the business of gambling, just like real estate investors.

Sometimes it's a gamble but at least you're prepared for the repairs. 

The seller needs to give the bank first position, which means if your gamble doesn't pay off, the sellers lose their home.