So, make sure YOU understand the copy & paste info below:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I always keep a lockbox at my locations for this purpose.

We are based in NYC but are considering (as of now) locations outside of NY but within a 300 mile radius. 

Also, for those who invest OOS, do you find one market you specialize in or do you tend to bounce around and cherry pick from markets in several locations? 

I can say I'm biased because I'm located here, but the numbers work and it meets all your conditions.

I was going to look over your numbers for you, but can you answer a few questions:* In what zip code is this property located?

Over-budgeting is critical to ensure that renovations don’t eat into your profits.Market Fluctuations: If property values in your area do not appreciate as expected, or if you face a market downturn, the amount you can refinance for may be lower than anticipated.Financing Challenges: Securing financing for the initial purchase and rehab, as well as refinancing after the property is rehabbed, may be challenging, particularly if the property is located in an area with fluctuating values or if the rehab work doesn’t immediately improve the property’s appraised value.Tenant Risk: Rent collection and tenant management can be unpredictable.

Selling the convenience of the location first and in such detail may lead some renters to assume that there is something not so great about the house itself since the sale in on the location. 

I currently work for a property management company also located in the Midwest so please reach out if you have any questions!

I am of the opinion that the best STRs are properties that don't compete with hotels - meaning that they are 4-5 bedrooms for large groups or have a unique location/setting.