Another option you may not have considered is to work with a developer and build a multi-family property in a desirable area, leverage ECO construction benefits available ($5 to $15 per sq. ft.) and cost segregation and bring in a management company to manage the property once it is ready for occupancy.

These buildings are zoned like hotels and have all the requirements you need to rent and make money accordingly. 

I promised that we would not build a new home; the home was his parent's, he wanted it to stay What made you interested in investing in this type of deal?

I have a feeling you'll be able to build back your savings pretty quickly.  

Some of those building had extreme structural damage that would need to be identified by an engineer or architect. 

After all PITI, utility, and services (lawncare and cleaning) costs I have $7,225.I set aside 25% of this for my maintenance fund.The remainder funds my lifestyle, wife has a Tesla, and quarterly vacations as well as business growth.In 2023 I am tracking to build 4 duplex units designed as room rentals funded in part from a recent land sale.

It takes time to build up the reputation, even in a popular area like Sedona.Sedona does have a ton of STRs but it sees in the neighborhood of 5m visitors a year so I wouldn't worry too much.Getting on VRBO is a must IMHO.

Once the development phase is completed minus the last part which is pull permit for the build, you have a building blue print in your hand, you can send the site plan and building plans out to your local builders for bids on the build.

Build a map to scale your REI investment.  

It's a great starter property, so you can work out the kinks, figure out management, and build out your team.