This approach will help minimize the potential financial risks associated with renovations and working with contractors.

If we had gone with more optimistic assumptions then it would have been a very disappointing year financially at least.Every market is unique. 

A STR is a completely different animal in my opinion, in that it requires more work and much more compromise, but financially is worth the effort. 

If you are looking at nationwide, maybe narrow it down to 5 or so markets that interest you and look good financially. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Over the past eight years, I have collaborated with hundreds of out-of-state investors, helping them find cash-flowing properties aligned with their financial goals. 

My lender/financier.

I found one who's strategies made sense, 10 years later my wife and I have been financial free for about 5 years now by leveraging the concept of house hacking. 

This thought led me into studying about becoming financially free and building generational wealth.

@Adam OrtizRecommend 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?