3) Understand what works in this market. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

Aligning yourself with a buyers agent who understands the STR market is absolutely critical. 

That's the process as I understand it.

If you have the stomach for it and understand the big picture it pays off. 

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

I understand the crime concerns, but why do you think traditional financing is risky?

Thank you Nick - unfortunately it is the name of the game in this space that there will be people with bad experiences, typically when the appraised value doesn't come in as what they expect and they lash out at the lender accordingly (anyone in this space obviously understands this occurrence). 

The lender rep or broker you are working with should be able to walk you through each step so you have a firm understanding of what has to happen in order to get your file to closing. 

Understand the multi-family market, scale up portfolio efficiently, focus on value-add opportunities, build a reliable team, stay informed, and engage with the community for support.Good luck!