If you are interested in investing out of state I highly recommend that you build a strong team in your chosen location.

As this would be in NYC the price point is very high so it makes a massive difference.

@Chris Wilburn,I think rents are staying high due to lack of inventory.

In the recent transactions Iv dealt with high rises Iv seen many special assessments in place for reconstruction of elevators and other contributing factors.

As far as a general STR strategy, a nice 3x2 house within an hour of a major attraction is not too much to manage and can drive a nice nightly rate if you go with high end design. 

I live in central Oregon, a HIGH cost of living area...I live in a great apartment complex and rents are at least $500/mo lower than a typical mortgage here.I am thinking about buying an investment BEFORE my permanent residence to keep my monthly CF and savings high.What are the pros and cons?

Hi All, I've worked for a non-profit my entire professional career (ie, my W2 income is not very high). 

The Lake Tahoe area is popular for STR and is highly competitive yet some people do make it work. 

Overall I like the program but agree people have too high of expectations and think it's a magical tool that solves every problem.My favorite is when the annual inspection comes through with such detailed line items like "fix door".Literally doesn't tell you what needs to be fixed, what door, etc.

rents are higher here by far one of the most expensive markets to live. lease price per square foots can go as high as $8 per square foot. if you live far away it'll be cheaper or you'll be living in a older unit. depends on your budget really