It's hard to give up $7k/m in cash flow, that is just great income, but long term, having appreciation is very important too. 

If you can check these boxes off you would be able to start buying long term rentals with having owned zero real-estate prior to the first transaction. 

@Christopher Lynch  NH has some amazing area's for Short Term Rentals.

And the more motivated the seller is, the more willing the seller will negotiate terms and price. 

(Not that they actually set mortgage rates - but they influence them.)You now know that as you look at 2/1 houses that anything priced near or above $145,000 isn’t worth pursuing in the short term… so you look for ones that are cheaper than that.  

It really depends on what strategy your trying to implement as some areas are better for STR/MTR then long term and vice versa.

@Jay Hines I'm not sure that's how people would refer to wholesaling in terms of an investment strategy. 

Honesty and transparency is simply a profitable, long term strategy to build sustainable source of income and not end up with huge fines or, worst of all, in jail. 

With the hefty down I'd aim for a lower I/O rate of 5-6%..Conventional terms would be in the high 8%'s.

I've only had short term guests through VRBO and did not have require background checks.