Make sure you do your research as well. 

Along with some serious conversations with yourself.

You only do that if you are rich enough to afford it. 

I realize it's just an example and my comment is a generalization but just something to be aware of.With regards to the original question, I think it comes down more to what you want to do and what the offer is for walking away vs. rebuilding.That is the exact example a public insurance adjuster used when speaking to a local investor group a few years ago.

How has it been going so far?

The guy who runs it lays it out like this..1-5 rentals you are still doing okay, have more stuff come up between all rentals the closer you get to 5 or at 5.

You need properties to do that. 

Do you know the other markets well? 

Agree, it has to be STR compliant.

It's great that you're focused on saving and educating yourself before diving into real estate.