Location, Location, Location not only helps set you up for success with your STR but will also pay off in the long run when you go to sell.

how long to make that back? 

My mortgage was sold to another institution last year and it seems like they handle escrow differently.

You can probably get in two at a time and still have a safe amount of capital at 500k.But if you're saying that use cash and sink every last dollar you have into a single project, I'd say no, do not do that. 

I have done about 250 in the last 6 months, BTW its a total scam / money maker for the city. 

I have been wrestling with this the last few weeks now. 

With rising interest rates and the widening wealth gap, first-time homebuyers are by locked out of the housing market, it seems long-term rental demand is solid but of course it would be important to get quality tenants in the better parts of town.

Read "Long-Distance Real Estate Investing" by David Greene to better understand how to find a market and do things from a distance.

Long story short, they recommend a process that basically looks like...Soil scientist --> (septic engineer IF needed) --> site plan --> county approval...We've spoken to a few soil scientists and they all quote 2k-5k to analyze the property for an appropriately sized septic system. 

As long as your kitchen and bathrooms are in good condition and functional, there’s no significant ROI in fully renovating them.