We've essentially ruled out investing in our local community because we can't seem to find a good deal (we live about 1.5 hours north of NYC, so purchase prices are very high), so we are considering (1) investing out of state; or (2) investing in some northern NY localities (Syracuse, Albany, Rochester, etc.). 

While short-term rentals (Airbnb, Vrbo, etc.) in the U.S. can offer tax advantages, the rules change when the property is outside the country.

Otherwise you will be subject to the Pro-Rata Rule and there will be tax consequences on the conversion.

Quickly analyze properties using the 50% rule (assuming half of rent goes to expenses) and verify rental comps on Zillow, Rentometer, or with local property managers.

Love that you’re thinking long-term and thinking about leveraging house hacking to speed things up—a great strategy for building wealth and replacing W-2 income.I would imagine that cash flow is tighter in Salt Lake City, but don’t let the 1% rule discourage you—it’s more of a guideline than a hard rule.

Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and there's amazing appreciation potential.

.📜 Know the rules – No "deal-making" in the forums (that means no advertising, pitching services, or looking for partners).

I know the specific market is a factor, but are their key numbers or ratios (like the 1% rule) that you have found to be meaningful or helpful, obviously the numbers would be different for a turnkey vs rehab. 

If so, what are some general rules of thumb on how much they lend and what does that depend on?

If you meet material participation rules (500+ hours or 100+ hours & more than anyone else), STR income may be classified as non-passive, allowing losses to offset W-2 or business income.