Scale quickly, BUY more LOL, not sure what else to say, 

We are looking to buy our first short-term rental investment property, which is 3 hours away.

Ask the seller to carry a note, but I'd buy a SFH instead of a duplex, especially if the duplex needs remodeling!

Here is my situation:- I'm a W2 employee that earns north of $500k a year- My wife is a stay-at-home-spouse- I'm looking to buy ~ $1,000,000 in STR Real Estate by the end of the year (as an investment and to offset my tax bill)I'm fairly well versed in the rules surrounding using STR to offset active income.

Have you considered offering buyer incentives like buying their rate down?

In my head I'd want to buy a property cash or creative terms with a private money partner for the home and maybe a 2nd partner for the furnishing and start-up funding.

If you buy locally, will your expenses be higher than if you were renting?

Investment Info:Small multi-family (2-4 units) buy & hold investment.

That said I am also reading that a higher price to rent ratio may indicate areas where it is more attractive to rent than to buy.  

The local bank allows me to purchase 2-4 investment units with a 30 year conventional loan + renovation loan for all fixes with 20% down The renovation loan is kept in an escrow and paid to the contractors as the work gets done.Anyone buying 2-4 units and doing it this way?