That’s why I shifted my focus to the Midwest, where industries are growing and property prices are still affordable.

I had no money to put down on any properties, so I learned (a lot) and put in a lot of hard work and effort to get some properties under contract.Initially, I had no clue what I was doing, but I had the help of some people (and I appreciated that)I made mistakes that cost me around $30k (lost a deal due to my ignorance regarding title and escrow)The good news with wholesaling is that it doesn't take a lot of capital upfront, and you can start talking to sellers and learn about the industry in general.The other good news is that you can without a doubt generate revenue quickly if you do things correctly (having a good TC / title / escrow connection that keeps deals moving on the backend)That said, there are a few points that I've come to live by:1.

Hugely popular area.Our cabin is doing good, hopefully the calendar will fill in more throughout the year.Although lots of people visit the area there is a lot of competition. 

Remember, the right property manager is a gateway to industry insights and local networking opportunities, much like the valuable connections you're making here on Bigger Pockets.Wishing you success as you embark on this exciting journey.

It is a very volatile industry and its experiencing diverging trends.

Or you want to leave the STR industry? 

Look for sponsors that have been in the real estate industry thru several economic and market cycles.

I’m guessing that is because of your pessimistic view on the economy right now, but even if the markets dip temporarily, based on history, they will rebound to even higher points (I know just cause it’s happened before doesn’t guarantee it will happen again).Personally I have a successful business, but opted to diversify into real estate because my industry is heavily regulated and one change of a law could make me MUCH less profitable.

You're certainly correct, this market it pretty awesome, which brings in a lot of competition. 

I've often found that the biggest competitive advantage you have when you are getting started is proximity!