This gave us peace of mind and ensured that any unexpected incidents wouldn't result in major financial setbacks.These two choices have played a crucial role in optimizing our STR strategy, balancing profitability and protection.

You're not helping them either...you're allowing them to run a tab that is putting them financial ruin. 

That truly determines the successful from the unsuccessful, making it happen despite all the odds against you.I have a similar story of finding real estate and achieving financial freedom over the course of 4 years, going from 0 to over 300 doors.

Quote from @Kailas Tare: When deciding which market segment to target in real estate—whether it’s multifamily (MF) properties or single-family homes (SFH)—it's crucial to consider the dynamics of the competitive landscape and your own financial position.

What financial targets do you have?  

Also, I'm stuck with out-of-state investing which brings a whole series of risks with minimized financial upside (in my opinion) 

@Jordyn Ohs Suggest you run a financial model and assume 100% vacancy.

Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?

It requires a solid FICO, that you get pre-approved with all current financials held in file beforehand, with the complete contract package submitted upon execution which starts the clock; insurance must be arranged within three days for lender underwriting. 

Looking to discuss with lenders on financial options.Please DM methankskaushik Sarkar