And before getting too far along in the process it might be worth doing a title search to check on any potential liens on the property.

When it comes to getting approved for a loan, the process can be a bit more complicated for foreign citizens.

The process was seamless.

@Alex Washburn makes really good points - the process is definitely not easy. 

I set an arbitrary goal of obtaining 10 reviews on Vrbo before incorporating Airbnb; however, this process took longer than anticipated, as only 77% of Vrbo guests left reviews.

This process has been working really well for me.

I'm just starting out with a STR and I'm in the process of vetting companies for tax strategy and asset protection. 

Possibly already permitted outbuildings that already have plumbing such as workshops, offices, etc might be able to be converted to an ADU at a cost that does not result in the cost being more than the value added.Building an ADU is a lot of work and can be a slow process.  

With regard to renovations, I always suggest taking incremental steps to bigger renovations or partnering with someone who has already done a renovation at that level.I've been known to just go for the big rehabs for my personal investments here in Chicago , and during that process, it's always more stressful than it needs to be...As far as navigating the competition, I've found the best thing I can do is get EXTREMELY CLEAR  on what I am looking for; then I am confident pulling the trigger quicky. 

No reason for me to go the through the hassle of the sale process unless there is some type of gain which the investor is open to and this is where I need the advice.