I'm in Deep Creek Lake, MD and the TVRU/STR permit process could take around 30 days from application to inspection to and approval according to my real estate agent (they also own STRs in the same area). 

Quote from @Josh Raikin: Most of us don't give advice on how to arbitrage because it's not a good idea from an investor's standpoint.If you read the forums, you'll find a plot of posts talking about the market slowing down.

Usually it takes around 45 days to get a property rented this time of year, so slow interest is normal.

The Index, at 87, reflected a Slow pace of demand, down from a Steady pace in September.

It will slow the market, fewer people will buy, sellers will panic and start dropping their prices.

Don't make the mistake of lumping them together or you may get taken advantage of.You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities & City of Detroit Neighborhoods:https://www.biggerpockets.com/...

Like you said after all expenses and the market going downward or slowing down, I am looking to sell ot for probably 475-490k.Great points thank you

You didn't mention a well....that could be hugely important, some areas have to go super deep to get to the aquafier, or there is no water at all.

If you are a slow reader, and expect to be ready to buy your first REI within 6 weeks of starting, you're dreaming,...and that dream will be a nightmare. 

I know the market has shifted and its coming up on the holidays, so things are a bit slow.