@Divya Sarin Are you still in the property search process? 

If you buy good properties in good locations you can do fine in Buffalo. 

While different industries may have additional location requirements, there are four basic requirements.Low crime: Companies are unlikely to establish new operations in high-crime cities.

I am of the opinion that the best STRs are properties that don't compete with hotels - meaning that they are 4-5 bedrooms for large groups or have a unique location/setting. 

@Joshua Bautista located in indianapolis.. i'm a 100% newbie at this.. but it appears that the winter times are quite slow in Indy..

AND just because you have experience and a “good deal” doesn’t mean you will be successful trying to syndicate the deal.The first criteria is does the sponsor have the general knowledge and experience in real estate, and the specific knowledge and experience in the property type/location to give the project the best shot at success?  

You're buying a specific property, in a specific location, in a specific condition, subject to local rules and regulations.

@Mario Morales - Personally, I would do some research in your target market and search (even it on zillow) for 2-4 family properties and see what agent(s) seem to transact the most in that space.

Over-budgeting is critical to ensure that renovations don’t eat into your profits.Market Fluctuations: If property values in your area do not appreciate as expected, or if you face a market downturn, the amount you can refinance for may be lower than anticipated.Financing Challenges: Securing financing for the initial purchase and rehab, as well as refinancing after the property is rehabbed, may be challenging, particularly if the property is located in an area with fluctuating values or if the rehab work doesn’t immediately improve the property’s appraised value.Tenant Risk: Rent collection and tenant management can be unpredictable.

One who is active still and recently did a case study write up like this is Don Konipol, the other pops on every now and again and did a BP episode many years ago Aaron Mazzrillo so search those two names and read some threads.A more likely scenario is not what you mentioned as the ever growing note/value deal, at least not as outlined.