Define what type of STR it will be.

.• Define your goals.

That can be easier said when there aren't a lot of clearly defined rules. 

Define your criteria and work backwards.All that being said, if you find opportunities close to home in Chicago I see no reason to ignore those especially if you are or have been house hacking since you need to live somewhere anyway.

We are defined though by how we respond to these hard times.

What would you define as "great" properties as far as numbers are concerned?

@Kimberly Arington: how do you define "private lender" vs "hard money lender?" 

.• Define your goals.

The smart investors have well defined buy boxes, understand the markers they operate in and therefore recognize a deal quickly and have the confidence to act.

I definately have some hard money questions.