We have a STR way out in Homer, AK, and three closer to home in King County, WA: A rustic West Seattle cabin on stilts near the beach, a North Beacon Hill studio, and a partially off-grid cabin in the woods in Scenic, WA (past Skokomish, 10 minutes from Stevens Pass Ski area).

Cash is king - if you can refi or take out a line of credit this prepares you for tenants who can't (or don't) pay rent and prepares you for opportunities should they arise. 

Meanwhile, you are chasing one principal (ie "cash is king") by sacrificing another (i.e. regarding leverage).Good luck.

Once there is a crash, cash is king and you can make a fortune with cash leverage.

Cashflow is KING.

Prices were attractive but cash was king. 

My fear is that credit markets can seize with any drastic event, so cash (and not equity) is truly king.

@Kellen King Liquidity and time would likely be Better on the mls....I put an obvious rehab on the market after the seller had screwed around with various wholesalers.....6 Real cash offers in 4 days, 25% more than their best supposed wholesaler offer.

@Brian Spies I agree 100% that cash is king and that none of these approaches make sense without a long leash of cash reserves.

We dont have too many of their agents in my market, but my friend @Darren Sager does keep trying to recruit me.Btw, you related to Jeff the king of Chelsea real estate?