This method is not for the faint of heart because there are a lot of steps in the process that can go wrong, but it's a great strategy if you know how to do it rightPartnership: BiggerPockets alone has thousands of people just like you who don't have a huge budget but want to get into the STR game.

In the last 10 years we have run a turn-key company and bought, renovated, leased and sold 500+ properties just int he charlotte area. the $25-50k price range only bring a lot of heart ache in my experience.  

In addition to being competent, they will need to be honest and have your best interests at heart ... this is far rarer than you can imagine.

I see out of town investors get enamored with the bargain basement prices of some of the housing in the city of Rochester, buy them, and then lose their shirt, get heart palpitations, earn some gray hair and then sell at a disadvantage.Let me know if you are interested in more information about my listing on Gardiner.

Do whatever brings you peace of heart and mind. 

Humanitarian work helping people struggling with mental illness and substance abuse is close to my heart, and if I could make it work as a solid investment as well, I may have to pursue it. 

I have found that the ones who have your best interests at heart will be conservative with their numbers and will advise you to be cautious/prudent with your personal expectations.

@Brian M.One more con for not going the permit route on a job that big is that as an operating investor in the area you live in, you risk incurring the long-term wrath of code enforcement and thereby losing a great deal of money in the future.I am renovating a 3500 ft2 duplex in the heart of a municipality, right next to the municipal building.

My heart said to work with these people.

(The hardest part of this was finding a balance of quality, luxury items that would not break our hearts or the bank if they were lost, broken or stolen.) 2) A good property manager As others have mentioned having a good property manager is really crucial in making the difference between having a successful vacation rental experience and not.