Sounds like you need to open your mind to the possibility of a deal near you (however "near" is defined for you).

@Bill Schrimpf As in most things in the tax code, it all depends on how you define your terms.

Some things I am looking for: - $350-400K price range- Positive Cap rate (haven't defined a % yet but maybe 3-4% would be a good start- the higher, the better) - Multifamily property (du/tri/four) - Property management company to manage- Military vs. college studentsThanks!

It's important to define "great appreciation" too.

Either as a defined percentage each or as an assumed 50/50 split.

The customer will usually side with the GC when problems arise anyway, IME.The average cost for an Arch was around $30k for a full remodel or new build.A good one will also be very available for the GC to get ahold of when things go sideways, like needing a new drawing to define a previously unknown issue.

We only apply for short term each year, so it would be fairly difficult for somebody to claim they were a tenant when we hadn't applied for an annual and had a signed contract that clearly defines the length of their stayYou can have a lawyer check out a potential contract to verify you are protected within your local landlord laws, the peace of mind is worth the fee.

For Professional Owners of STRs which we define as having a successful STR in the same market (12-month history) or 3+ successful STRs nationwide, we will underwrite to the projections generated from AirDNA. 

What I am concerned with are things like estimating rehab costs, cleanup costs, other hard to define costs.

I think you need to define who your customer is…what attractions are you close to…why would you visit there?