Because of this, if you wanted to operate at a full 90% capacity, you would have to live in the property at least 37 days a year, again with proof of that to provide if necessary.Another thing to note is that you are not able to have a property manager manage the STR for you, it all has to be done by you, which can be a pretty big task.

For me, I would only buy a fully renovated asset if it were under priced with significant in place yield (cash flow), or if the area was phenomenal and I were projecting some aggressive rent growth/appreciation. 

@Jack Calhoun There are a few "rules of thumb" but ultimately, you'll need to do a full underwriting on a property before you actually put in an offer.I would suggest finding a good property analyzer spreadsheet and getting enough practice that you can quickly do an initial analysis within 30 mins or so.Some things to look for in a property analyzer: Allow for separate entry and exit cap-rateMin 5 year forecastinput for rent/expense growth on each yearincludes rehab and capex costsincludes debt service and financing costsincludes acquisition and disposition costsProvided IRR for planned exitHonestly, there's a ton more bells and whistles you could add, but I would consider that the baseline if you're talking about deals that size.Hope that helps!

Your equity growth over the decade will be substantial and will outweigh any trickle of cashflow from the Midwest, no question.Or house hack in a nicer neighborhood.

An area like Dawsonville has seen a growth in retail, multifamily and single family.

This property is out of province and I will be looking to grow the portfolio in time.

When (insert type of income-producing real estate here) becomes more popular, buyers are willing to pay more, which means cap rates go down.There are three primary forces at play here.  1) falling interest rates make debt cheaper and makes real estate more attractive.  2) rent growth gives buyers hope that the income stream they are purchasing will grow over time.  3) poor performance or perceived risk of other investment vehicles increase the desirability of income real estate, meaning a lower cost of equity capital for real estate buyers.Expanding on point #3, the worse other investment vehicles perform, the less investors demand from their real estate investments.  

@Brian Morales Palm Coast has a great deal of growth potential.

Considerations should include growth, taxes, rent income to unit price, and more.  

Doing some things yourself and hiring each sub is a great way to learn the ropes and realize what each task should cost and how long it should take.