They are a great vehicle in so many ways.

They just talked about this in the latest BP podcast episode.You could also do what I did and what some of my clients have done, which is we use our LA properties as a vehicle to buy more properties.

What is the financing vehicle? 

Yes - and even when its out there its typically impossible to qualify (need high rate and high DSCR and typically would have to qualify as a LTR - so almost a unicorn or in a really bad market)

Im not even sure that it is impossible in those markets but the main issue is that BRRR isnt working where they want to buy not that BRRR doesnt work.  

Easy to dump a lousy rental, but impossible to get back the time we wasted in managing it.

It impossible to lay out pro's and con's of something without the details. 

I think it’s important to note that subject to became popular in 1980 - 1982 when it was virtually impossible to transact real estate using conventional financing.  

You make $10k from STR, you have to come up with $22k out of your pocket, not to mention the upfront $100k down payment and possibly another $20k to furnish the house unless you bought it as an existing STR.So in summary, in today's market, it's impossible to buy a STR and be a passive owner and still make enough profit to cover your mortgage payment. 

The remainder is primarily in annuities, bonds and cash related vehicles.