I am looking into purchasing a STR in a different state and was wondering if you would be willing to give me some tips you learned along the way?  

Step 1: Ensure you can get financing (is it a cash purchase or will you need a loan). 

@Aristotle KumpisWe do 10+ Flips/BRRRRs annually and fund with Hard Money and Private Money.Hard Money will fund 90% of the purchase price and 100% of the rehab on a draw schedule.Our Private investors will fund the remaining 10% of the purchase price, the first portion of the rehab (to be drawn later from the HML), and the holding costs.Of course, with private lenders, you must give up equity or a return on the debt.

If purchasing new real estate as part of your reinvestment, a cost segregation study can maximize depreciation deductions, offsetting future taxable income.For effective planning, assess how the sale price is allocated between real estate, tangible assets, and goodwill, as this determines the tax treatment.

Quote from @Paul Whitehurst: Many will tell you to borrow money from Property A to purchase Property B, but that's known as over-leveraging and not recommended for a newer investor.

Hello,I am interested in purchasing a recently renovated $195K property as a 'secondary' home for the next 4 years to use as a future LTR.

Purchase price: $90,000 Cash invested: $60,000 Buy and hold that I still have to this date.

Purchase price: $120,000 Cash invested: $150,000 Dilapidated house.

Slowly work your way up to bigger purchase price and rehab budgets.

Purchase price: $645,000 Cash invested: $60,000 Two Unit property with lots of living space3000 sqftOne parking spotBrand new kitchen addedW/D in both unitsGood for Long term / Mid Term / Short Term What made you interested in investing in this type of deal?