How have you handled it when you've purchased a popular existing STR?  

I purchased a property in the 77003 zip code which is 1.5 miles from downtown.

Purchase price: $325,000 Cash invested: $2,485 Sale price: $335,000 Low upfront cost due to creative financing.

@Olecia Williams Though it's still possible to purchase a second/vacation home with only 10% down, it may not be your best option. 

@Frankie Lotrec if you have an existing loan on the property and you plan to legally convert from a 4 unit to 5 unit , you should check the loan documents because you’d essentially be converting it to a commercial property, since 5+ units is considered commercial and subject to different appraisal approaches and so it would rule out the property being considered for purchasers utilizing residential financing.  

I'm looking to purchase my first property with my fiancé (both 25) with the goal being to establish our primary residence together, as well as giving me the opportunity to add equity/value via rehab before moving on and converting the property into a rental within a year or so to kickstart an investment portfolio.An interesting lead that recently came up is my parent's neighbor's house.

Purchase price: $189,000 Cash invested: $40,000 Mid-term rental property in a college town.

(Sale price - selling costs) -(purchase price+ purchase costs)- renovations = taxable gain. 

However, purchasing a "turnkey" flip, typically I have had more maintenance issue from items being flipped cheaply or incorrectly, with no warranty at all.

I purchased the property from the Shelby County Land bank.