From a GC perspective why does it take this long?

Speaking strictly from the STR perspective, it's a very different animal than LTR.

I was recently advised by a CPA that using a SD-IRA defeated the purpose of investing in real estate, at least from a tax perspective. 

I understand we're still assuming the risk here in the long run.From the vacancy perspective, our market has softened some in this price range, so we are currently sitting/paying for the property right now. 

Hey all,The news that St Louis, Missouri is the #2 hot market according to Realtor.com has been generating a lot of buzz - my investor clients and other people working in RE keep telling me they're seeing the news all over social media.http://www.riverfronttimes.com/newsblog/2015/12/02...I'd be curious to hear other investors' perspective on realtor.com's top 10  http://www.realtor.com/news/trends/top-10-real-est...

(Thats just me playing it safe from an IRS perspective).

Agree, I use Zillow and craigslist and also calling around to the larger complexes and pretending I'm a perspective renter.

It seemed like a risk, but one I considered as the idea flew into my head.Seeing your numbers, though, I realize that I will be at the 35% equity mark at purchase, so it wouldn't be too long before I was ready for another.Great advice and perspective

The numbers have been demonstrated ad infinitum; two of the factors that make real estate, especially buy & hold rentals, attractive vs. other forms of investment are leverage and permanency (the house stands 'forever', at least from the perspective of the investor's lifespan).

Whether it's a good strategy depends on a lot of other factors, but should (ultimately) come down to the numbers from a financial perspective.