That is my logical *opinion* based on my experience of how buyers think and act.What strategies investors are using here right now: it's no secret we've become an appreciation market over a cashflow market in recent years.

Hey Jimmy im an investor and agent in Phoenix.

Investors must stay agile to navigate these shifting dynamics.

You might be in acquisitions in bulk so the question is valid, but not for the majority of investors out there who always should see a property before making an offer.

If he paid for that debt like a lot of unperforming note investors do, that would be the basis in the debt.

I’m a new investor.

I would check into a few things to see what your best approach is.1) Find a great investor-friendly real estate agent (specifically one that knows STRs) to help navigate an area you may be looking in.

It doesn't perform well; your neighbor is a nightmare, they put more regulations, you get tired of running it etc.It may not be your first choice, but it will be a smarter investment overall, especially for newer STR investors. 

Here are some things to consider:Most investors don't need software until they have 5-10 rentals.

If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking5.