@Nicholas L. what would be your recommendation if the market where you live is way to expensive or at least not in your initial budget and your best option is out of state investment?

Excited to see what happens during other states legislative sessions this year.     

Based on what you stated initially, your income from the property is 85k.

I actually had an initial phone call with the co-host that ended up lasting an hour because he kept giving me tips and local knowledge.

Lastly, do some initial research on local STR rules and costs to prepare for discussions with your team.Building a solid team, including an agent and co-host, will set you up for success.

Scope creep is a huge problem and the more you learn up about the project up front, the easier it is to figure out what actually needs to be done and avoid surprises (or pass on deals that need more than you initially think): https://www.biggerpockets.com/blog/due-diligence-ultimate-gu...I highly recommend building a contingency (I do 20%) into your rehab budgets for unexpected issues.

I’ve listened to a number of clips/ shorts on YouTube of Dave Ramsey recently.First, let me mention why I was put off by Dave Ramsey initially in the past. 1.

Welcome to BP - house hacking / mid term rentals are great strategies esp starting out, I think you are right on with initial gameplan (Oregon can be challenging for landlords though so good that you are open to other markets)

They signed an initial one year lease but have opted to go month to month ever since. 

Through PHA sources, the article indicates the renovation will cost $112M, twice the initial budget.