I am looking into purchasing a STR in a different state and was wondering if you would be willing to give me some tips you learned along the way?  

I saw your reply on the 2M cali home purchase with a gross rev of 150K. 2M @ 100% financing - the investor putting up that cash would need a note payment of 15K-20K a month to make that worthwhile. 

I acquired a residential property when I purchased my business.

@Shannon VistisenI would definitely purchase it and do it yourself. 

Purchase price: $45,000 Sale price: $175,000 I lived here for a few years then when I was married it became a rental.

So, if you start with a duplex, your next purchase could be a triplex or fourplex.

The land purchase will be one of the biggest tasks of your project.

My husband and I are approximately 6-12 months out from executing on our first real estate purchase.

Quote from @Bri Hall: I purchased a residential lot that after being surveyed can have two homes placed on it.

@David LewisRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?