@Shay Sherbotseliask a local property managergood luck

Any help is appreciated as I'm trying to get a better grasp on evaluating short term rentals including the steps you go about to finding your target markets.

I have had properties in Olympia for many years and watched the changes take place both statewide and locally.

I agree, I'm local to the area but highly appreciate the advice and warnings.Thanks much!

Expand Your MarketExplore secondary markets or off-market properties to find deals with better cash flow potential.

Idk about the others.Is there a particular market you would suggest to review/analyze? 

We purchased a property, signed contract for a 45-day SoW (cosmetic rehab, add AC) and after about 30 days it's been radio silence.We have been pretty patient and now at 60-days past closing we've engaged another local PM who is going to be re-keying, assessing rehab status and taking over from here.I think similar to OP there's nothing particularly nefarious or shady going on here, but the follow-through and ability to land a deal is significantly lacking with this team.

I once downloaded and analyzed Zillow data to find markets with attractive cap rates...

Step 1 - figure out your target asset class & then your target market. 

One thing that may help is our local REIA, Memphis Investors Group.