The 3/1 is going to get you higher rents and cost less on the rehab budget.

It seems also to be bullish for STRs, and bearish for high-rise hotels.https://www.yahoo.com/news/coronavirus-create-kind-tourist-130039607.htmlOf course, there is another driver not in this piece that will be bullish for drive-to STRs:  Budget constraints. 

How confident are you in your reno budget and ARV?

Because we purchased the property for so little, we had plenty of room for the bank to finance the initial acquisition PLUS a decent rehab budget and keep us within our Loan-To-Value (LTV) ratios.

Thanks ,Angela  How much downpayment do you have to put down and how much is your purchase budget?

I rent right now a townhouse (2 teen kids) which is again we all know the rent is insane.A few avenues I am looking into is house hacking to start (almost the only way to do it if you are on Long Island and even then it can be tough), remote investing (after I make solid connections), and entertaining other options like the following:I notice as I search more and more locally, there are lots of multi-family fixer-uppers in C areas half the price of the surrounding properties that could provide decent income (if rent is paid and not vacant).For example, property is 150K - all homes around it are 300K. 

For your perusal and entertainment, please check out our BP members blog post:Top 10 Tips: Guerrilla Tenant Screening Tips for Landlords

Rehabs need to be efficient; quick time table, stay on budget and high quality workmanship.

I think the more important question to ask is where does your budget put you.

If this is correct then I would like to understand when exactly is the time to factor these costs into my budget?