Typically, the STR property tends to be priced at 10x of the annual gross revenue, so let's assume you buy a house for $500k and you can get $50k a year in gross revenue. 

Purchase Price – Buying at a discount is always ideal, but when assuming a mortgage, you’re not just negotiating the price—you’re gaining access to a lower interest rate than what’s currently available.

How many people are in your “sphere of influence” that will use you to buy or sell without needing to pay for marketing? 

And they essentially buy the property and then in 5 years, you refi and give them the down payment back.

These included cash buys for flips, seller financing, and subject-to deals.

I am still trying to figure out my buy box, but long term rentals feels like the right strategy for us.   

I can promise you that my first deal was TERRIBLE, but I lived at a reduced monthly cost to living than renting/buying a single family and that is what mattered. 

I stick with boring buy and hold, but in another state where the numbers do work.

I stuck to it and it has treated me well over the years.I did not start investing ( other than buying a home to live in) till many years later..

@Shaylynn O'LearyI think I may have posted this in response to you in another thread a while back, but here goes again.If you pick a random "low cost" market like the ones you named, don't know anyone there, don't set up a network, buy random properties, and turn them over to people you've never met to manage, you will most likely lose money.