To invest out of state successfully, focus on building a strong local team (agent, PM, contractors), automating deal analysis, and using contingencies to protect yourself.

For example, should we focus on acquiring one high-quality property in a strong market, or would it make more sense to spread the investment across multiple lower-cost units in emerging areas?

It can be used to monitor markets, filter results based on lots of different criteria & even includes annual revenue numbers that you can work backwards to see how certain markets/properties are performing.

Also, for those whose BUSINESS (as opposed to just investment) is STR, they can scale successfully while their experience and knowledge of the industry may allow them the opportunity to uncover and recognize those few opportunities that will provide a much higher than market risk adjusted ROI. 

On the flip side, learning how to deal with those problems sets you up for a successful life regardless if you stick with realtor work or not. 

These loans must close in an LLC which you already have.To Your Success!

Structuring the deal properly (like through a land trust) can reduce this risk.Your best bet is to connect with an Illinois investor who has successfully done sub-to deals or find a local real estate attorney who specializes in creative finance.

I currently own a successful short-term rental in Fort Lauderdale and have identified a new property nearby that I’m confident will perform well.

However, if gaining expertise in these areas is essential for long-term success, I’m open to learning.I appreciate any insights you can share.

The market has gotten a lot more competitive in recent years.