Do your homework.

Then the lender can run the math. 

Spend a great deal of time investigating and doing your homework before jumping in.  

Similar math show investing $20k to obtain $10k of growth in 2 years  versus $100k to obtain $10k of growth in 2 years.  

Accoridng to my math that would be 782k roughly to cover agent fees, title, and wholesale fee.

I am new to investing and have been doing some homework/studying what I can find and reading as much as I can.

You can rent long term, but short term rentals would be hit or miss. do some homework on that market.

IT CAN HAVE BEEN LISTED FOR 2 DAYS, AS LONG AS IT HAD A PRICE REDUCTION, THAT IS A TELL TALE SIGN THE SELLER WANT'S TO GET THIS PROCESS OVER AND DONE WITH- JUST MAKE SURE IT'S NOT A FORECLOSURE (THAT WILL BE A WHOLE OTHER TACTIC I AM NOT GETTING INTO ON THIS THREAD- BUT MANY WILL ALSO SAY THAT TOO CANNOT BE DONE)***2) YOU WILL THEN GET A LIST OF ALL PROPERTIES THAT CANNOT HAVE BANK FINANCING BUT SELLER WILL HAVE IT LISTED WITH AN AGENT-YOU WILL FIND LISTING AGENTS NUMBER THEN BEFORE CALLING GET YOUR MATH SQUARED AWAY USE THIS FORMULA (WORKS NATIONWIDE AND NO MATTER WHAT I MAKE MONEY FROM THIS FORMULA)-  ARV * 65% - Repairs - wholesale fee = Wholesalers Max OfferFYI wholesale Fee should be anywhere between $5,000 - $25,000 depending on the deal whatever figure you have for your MAO, if it's much less than the "list Price"- DON'T LET THAT DISQUALIFY THE PROPERTY-  PLACE YOUR OFFER ANYWAY! 

entp.hud.govYou also want to make sure you run the math to ensure it passes the "Self Sufficiency" test where the unit rents must support the PITI by using the 75% and vacancy calculation. 

As far as other factors for an area to choose, outside of the location, I'd definitely say do your homework on the general feeling of STR by Township.