He sold his business, sold two of the homes for barely what he paid (one of which put him on a "hit list" because of racism), put his parents into a retirement home, and went to work for his competition, for which he was paid well, but not that well.

@Terri-Leigh Huleis while you're at the property, why don't you check out and speak with the competition?

Our management includes cleaning, and with commissions, we can almost guarantee that we have the most competitive rates in the area.So if it sounds like I can help you out, just let me know!

I've always found that looking for distressed properties is a good thing...it lessens the competition, and increase the profit, all in one....Since your Dad is in the trades you have a built in head-start.

A market that would be very competitive on the STR market, and still be in your price range is the Spruce Pine/Burnesville/Little Switzerland area.

Dig into the sites and look at your competition to see who is booking for what prices, where they are located, and how they are furnished to get those rates.

Do you go with where is popular now and face all the competition or are more stable markets also candidates?  

In all honesty the market has become extremely competitive.

Now there is too much competition, rental houses are sitting on the market longer and there are price decreases in rentals too. 

Great areas but highly competitive.