., income, credit score, rental history) to evaluate applications in the order they are received.Notify Applicants: Let each applicant know you will process applications sequentially and explain your timeline for review.Act Promptly: If the first applicant meets your criteria, move forward with their application and provide them with a clear deadline to sign the lease and pay the deposit.Move to the Next: Only if the first applicant does not meet the criteria or declines the lease should you proceed to the next application.By focusing on one application at a time, you simplify the process, maintain transparency, and mitigate any potential fair housing concerns.Lastly, since housing laws can vary by location, double-check Arizona’s landlord-tenant regulations to ensure compliance with any local rules about how applications are handled.Best of luck with your rental process!

Another huge thing to consider is laws and regulations, many times new investors will jump at Hudson county thinking the proximity to NYC is great for renting (which it is) but many of the municipalities in Hudson county have very strict landlord laws. 

A tax advisor specializing in real estate can help you navigate deductions, plan for 1031 exchanges, and ensure compliance with ever-changing regulations.

I keep hearing that costs of labor and supplies are rising (when aren't they?)

It is about supply and demand. 

There isn't a sustainability problem in Texas, it's a regulation problem.

All of this said, be sure to do your research on STR regulations first and find a STR friendly location.

Definitely follow the regulations in the area and if permissible I would offer to attempt to find an acceptable tenant and terminate their lease when that happens but in the meantime they will need to continue to pay.

To get started - I’d recommend connecting with local STR investors and researching Hawaii’s regulations.

You can find some absolute MTR gems near smaller hospitals that aren't so obvious but ultimately, housing supply in the area is something I'd say is more important coupled with your amenities.