I've seen a few properties in Colorado mountain towns for sale recently with STR licenses that transfer with the property (rare to find because the waiting list to get a license is many, many applicants deep.

I had no illusions about acquiring properties via the tax sale in CHS - too many funds with deep pockets involved and too many wholesalers calling the property owners after the auction.

@Kevin LeeYou might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:https://www.biggerpockets.com/...

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $310,000

Cash invested: $350,000

This was a full rehab 6 unit multifamily building.

Our firm did everything ...

Unless you have deep experience selling your own properties, there are many details and legalities that can cause you tens of thousands of dollars if not done correctly or if they are overlooked.

You won't be able to weather the volatility unless you have very, very deep pockets.

Without diving deep on numbers, places like Wisconsin Dells and surrounding areas, Munising, MI for Pictured Rocks National Lakeshore, anything near Mackinaw Island - Cheboygan and Saint Ignace, lake towns near Boyne/Boyne Mountain to get some summer and winter traffic, maybe something near Arcadia Bluffs that sleeps 10-12 to host larger groups coming on a golf trip. 

I have some land on the bottom of a mountain and the neighbors wells are only 200 ft deep, not on critical slope and it use to be farm ground with no rock to hammer for foundation/septic so when I eventually build there my costs will be greatly reduced and $130 to $180 a sq ft build cost could be realistic outside the cost of the land. 

Do deep market research to grasp market trends and property worth.

The tenant pool, however, is about 5 miles wide and 1 inch deep.