Quote from @Rene Hosman: @Austin Wolff recently went through this process of identifying markets to purchase in and he goes over his thought process in this episode on the Rookie podcast about how he used the MarketFinder here on BiggerPockets to find markets that met his criteria Podcast: https://www.biggerpockets.com/blog/rookie-473MarketFinder: https://www.biggerpockets.com/marketsI specifically only focused on 2 markets (Indianapolis and Fayetteville, AR) before I found a deal using the BP "deal finder."

If there is not a local real estate investor group, consider starting one.To Your Success!

My though process in undercutting the bank by 1 % was to possibly attract qualified buyers.

I’m all ears—both success stories and lessons learned are incredibly valuable.Ultimately, I’m here to learn, share ideas, and connect with like-minded individuals who are passionate about real estate.

Does anyone have a successful STR condo in the Treasure Island area? 

All this to say your repair partner is going to be crucial to your success. 

There's a few different ways to focus on a lower rate such as with house hacking and making the investment your primary residence, requesting a significant closing credit from the sellers for standard rate buy-downs (which I've had great success with recently), or utilizing lenders who offer short term rate lowering solutions such as 2-1 rate buy downs (again, ideally paid for by the sellers).

It’s a great way to add value to a property without putting a ton of money upfront, and it can set you up for financial success in the long run.Has anyone else done a similar renovation project or used a gift of equity in their deals?

Hard money lenders are going to want you to have success and will often times help you see if your numbers are close or way off. 

I'm based in WI and there are several people from NY investing here, some successful and some not---the common thread I see from the ones that are not is that they relied on someone else for information instead of investigating, VERIFYING and doing their own due diligence.