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. 

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.

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.

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

@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.

Depending on where exactly the property is located they may have some different rules/laws in place.

I also don't want to focus on one market, and not be able to score the right property for who knows how long, and then end up missing out on other locations, as being a long distance land lord is very popular as well.

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

It could, but you could screen this location with PriceLabs.co as they use both airbnb and hotel rates to create revenue forecasts.

Tried to search specifically for this but wasn't having any luck though I think I've ready it in here before.