I'm a licensed Real estate agent and investor in the state of Texas, focusing on buying homes AS-IS, as well as helping clients list and sell properties.

I buy my own insect spray and vigorously spray into the large gap to warn other critters away.

I suspect at this point it is simply an all or nothing play for the guy, which explains why he is moving forward full steam.

Typically, the STR property tends to be priced at 10x of the annual gross revenue, so let's assume you buy a house for $500k and you can get $50k a year in gross revenue. 

The best course of action is talking to so many sellers through your marketing that you find the ones that are truly motivated at the price you are willing to buy their property at..

Quote from @Nicholas Klaene: Hello,I'm currently looking to buy my first rental.

Then look at places where you can buy those properties, and last investigate with HUD what is the section 8 rental in those areas.In that way, you will collect a lot of knowledge in the process.

I am always looking to buy a good deal and I work with multiple buyer investors. 

@Sean Dillon figure out how to buy a 2-4 unit with FHA loan.Then rent at least one of the units long-term for stable cashflow.Try STR in another unit as well as the other bedrooms in the unit you live in.You may even consider living in the basement, attic or worse unit in the building to rent everything else out and max cashflow. 

These are rental houses and NO one is 100% perfect with rentals houses I dont care who you buy them from who your tenants are or who your PM is..