Quote from @Ivan Castanon: Quote from @Jay Hinrichs: depends on market most of FLA that wont move the needle.rust belt mid west you can find deals for those amounts.. going to be rougher areas of course. do NOT follow the advice of anyone suggesting second postions or gap funding.

Determine a suitable market, type of home, and satisfactory set of financial conditions for your purchase.

To determine what to offer on a rental property:Determine reasonable market rent, NOT the highest!

Attend open houses to understand market trends.

FICO is 780+ and currently have 4 other investment properties including 2 STRs in the same market we are trying to close on in West Virginia.

Personally, I would never live in PHX, but that is all personal biases (I prefer seasons and greenery), and clearly lots of people choose to live in PHX.At the end of the day, I would argue market selection almost only comes into play when you are talking assets that cater to institutional buyers that have to get investment committee sign off. 

Hiring the right GC is key to getting the property market-ready efficiently.

I am in the Milwaukee market. 

The area has seen growth in both the residential and rental markets, making it a potentially lucrative investment.For financing, you can explore options like conventional loans, FHA loans (for owner-occupied properties), or even local programs that might offer lower down payments for investment properties.

From both a real estate and STR perspective, the key to success will be choosing the right market first.