In the long term, they will be a small but steady income generating properties.Once my primary residence is fully paid off (originally fully paid off on 2027/8, but we refinanced 15 months ago to 2030 with rates from 3.625% (2014 originated) to 1.95%), we will either buy more properties or start the avalanche pay-off method to speed up the loan repayments. 

What if you bought at the peak, the market goes backwards for a couple years or sits stagnant, followed by slow growth? 

It happens at the peak of every housing market/bubble economy, this one is no different 

$40k is a good chunk of money, maybe not quite enough to BRRRR but going 50/50 with a partner, family member, or private lender you might be able to make it work and speed up your rate of acquisition.Just a thought. 

I'm aware of PML/HML other creative financing methods but am not up to speed on how I could recover the funds to pay off the HML.

Also, many HOAs do not allow AirBnb or STRs and even if they do you'll need to make sure you're up to speed with all the rules & regulations with STRs.

Total revenue is down 20-30% year over year, total occupancy down 12-29% year over year, including both peak winter and summer seasons.

What is something that can peak your interest in investing out of state? 

With the right tone, and at which speed you talk it’s quite enjoyable. 

I think we're getting closer but we're not quite there yet - I've noticed roughly a 10% drop from peak 2021/early 2022 levels