We have some short term debt we need to pay off at the end of July (300k).

In terms of timeline, don't plan for it to be a fast process, your rockstar local loan officer will not be processing the assumption, it'll be a group of call center people reading scripts from a computer screen.

Purchase price: $215,000 Cash invested: $55,000 When we talk about long term rentals the goal is to buy something that people are going to live in 3-5 years with the ability to raise rent over time ahead of insurance, taxes and inflation.

However, he starts to talk about how you may sometimes overpay for a property because you are not necessarily worried about what the property is worth today but about the “long-term play.”

What advice would you give to an investor starting out in terms of location?

I’m willing to invest in any market that supports long term rentals! 

Lot of great replies on here already - only thing that I would add to consider is getting a few outside opinions from realtors, other hosts, property managers, etc. about the medium to long term outlook for STR regulation in your specific area.

It's set to open in 2026 - I think that will be big for that area and short-term rentals.

After we made ourselves the VERY squeaky wheel for the last 6-8 months, they made a substantial financial effort to get us back on track.

The idea would be to sell the lots to pay down on the short term mortgage until the house got fixed entirely.