First, I want to address the question of rental arbitrage vs. buy and hold STRs:In my experience buying the real estate (even if it results in fewer units) is almost always better than rental arbitrage.

I have a possible contract that holds equity rights over a Vacant Property that was built in the 1800s.

We took equity from the 1st rental to clear some debts and the extra was used for down payment on the 3rd house.We took extra risks because we hold on to having more renters to come soon.

On the other hand, if you have a lower budget, let’s say $100-$150k.

Investment Info:Small multi-family (2-4 units) buy & hold investment in Hillsboro.

I have a lot of time on my hands now and funds to last a good 5 months without a job/significant income, so I wouldn't mind taking just a little bit of time to get into something real estate related.

Investment Info:Single-family residence buy & hold investment.

Investment Info:Single-family residence buy & hold investment in Los Lunas.

If you have any thoughts of self-managing a growing portfolio of rentals then this could be a good opportunity to grow your knowledge-base from first hand experience.- Work with the best PM company you possibly can for the units you don't live in and compare the units of work involved in your management of the professionally managed units vs your self-managed units. 

On the other hand, a poor location can lead to lower property values, decreased rental income, and a longer return on investment.