I am unsure what it will appraise for because it is in a very desirable downtown area in a suburb that has very little inventory as of late.

Review new listings, figure out desirable neighborhoods etc, etc, basically be the expert in your neighborhood so you know a good value when you see it.Expect to do all the work yourself, besides the obvious, (electrical), not to save money but to learn.Tap into existing local resources(others on this site, etc) and ask for contacts(team members) to start building your network.Don't loose money!

@Gray ValdezIt is great to live in Alaska and invest in Texas.Both states do not have a state income tax.You just have to worry about a federal return for the time being which further gives support that you can look for an accountant outside of Alaska.However, I understand your desire to look for someone local.

I think whether or not you're vested in the city carries some weight as to how you perceive the situation & your future outlook (or desires).- I'm interested to see if this will be a temporary shift, or a long term impact that could take years/decades to come back to 2019 heights? 

Lets take a building whose NOI decreased by 20% from 20,000 to 16000.Simplicity purpose NOI = 60% of yearly rent If the cap rate is 3% then price should be 3.8 M .. and of course if the building is desirable then some investor may offer 4 M say .The same building be in 2019 would be based on 20k rent at 4.8M valuation and some investor may have offered 5M . 

But if you do have to set it up this way, then you would need top tier legal and tax counsel to accomplish your desired tax treatment.

I desire to do something more challenging and rewarding and I have always dreamed of owning real estate.I am coming into this journey with newly found ambition after losing over 130 pounds and counting! 

Be weary of guarantees on the STR loans, even though it's a tried and true business model, lenders will be conservative since these loans aren't as desirable on the MBS markets. 

If you have the means and desire to do it you will accomplish it!

Tenants have no desire to maintain a 1 acre property so you're going to be stuck paying for that.