The long-term rental price can cover loan and related cost when we purchased it 8 years ago. 

Just purchased my first STR in March and looking to buy more.

Lastly, it cost money to sell real estate, typically 6-8% of the purchase price in transaction costs.

@Adam Rivera, the 1031 has to  be a sale of investment real estate followed by a purchase of investment real estate. 

For the first four properties that I purchased, the loan officers sent me "initial disclosures" which clearly stated the interest rate expected closing, expected monthly payment etc. 

There are a lot of people doing on-market here in Florida, if you are planning on going that route make sure to have the right disclosures to prevent any fines.Always disclose to your buyers that you are selling your equitable interest or rights to purchase the property.

Purchase price: $142,000,000 Cash invested: $25,000 Syndication deal on a large multifamily apartment complex in the Phoenix area15.5% IRR1.98x multiplier exit in 2-5 year time frame

If you have a specific property in mind, maybe call the inspectors office and get info on the process and what they are looking for when inspecting for a STR.You might be able to have one come out before the purchase to get their opinion.

Purchase price: $275,000 Cash invested: $80,000 Sale price: $450,000 This beautiful renovated home near Washington DC promises warmth and comfort.

Much of what he purchased is now worth anywhere in the 4 to 5x's what he originally paid for it range.