As for financing, make sure to explore options for using rental income to qualify, and be prepared for a 20% down payment.

If you are a doctor with proven income or a contract, the bank makes incredible deals that they wouldn't make for me. 

If the property manager uses a payment app integrated with the property management software to collect rent for the landlord, this is not gross income for the property manager.

You didn't buy the house to preserve it, but for it to produce income.

@Kaleb JohnsonRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Hard money lenders focus more on the property’s value rather than your personal debt to income ratio (which traditional banks use) allowing for quicker approval and funding.

•Incoming Market Changes & Local News: Keep an eye on city regulations, new developments, and economic shifts that could impact STR demand.

In order to execute on any of the strategies from #2, you will want to a work/income history and decent credit scores.

Loopnet has some comp information, but requires a paid (and not cheap) account to see it.Commercial properties are generally valued based on income, not comps per se. 

@Ben CallahanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?