We live outside of Austin so will put the home on STR for just random weekends if we want to have a stay-cation - paid for by our guests.Our home does rent for around $400/night so the caliber of our guests has been pretty high - executives on golf trips, families on vacations, so that likley is key as well.We just purchased a full time STR at the beach and plan to visit there often. 

It's generally harder to make rentals work above $200K (at least here in Atlanta), so I'd be inclined to sell it and take my profits.But, if you were to execute your plan, how would you handle the $56K down payment, assuming an appraisal of $350K, purchase price of $280K and 20% down on an investor loan?

Based on the questionnaire and conversations, as we get to know them in a substantive way, we make an executive decision on whether or not they are sophisticated and whether or now we're going to allow them in as an equity limited partner.We do work with people (podcasts, groups, blogs, conversations, answering questions, articles, etc...) to help them become sophisticated so that one day the may participate.I hope this was helpful-Don't hesitate to reach out.Dino

Once you answer this question, the next step would be to get guidance on how to execute effectively to maximize the result your investments. 

We engaged one when executing a lease purchase with a reluctant seller and they earned every penny we paid on a house that reaped us a very nice return on resale.

Had 4 hours to pull together cash in order to execute on the deal.

Much like college you can learn the principles, but don't truly learn how to apply them and execute until you've got some experience under your belt or have on the job training. 

Finally if you are a big type A personality (I am as well) I recommend keeping that emotional distance, just make a plan for when a tenant doesn't perform or the house has an issue, and then execute it. 

Had 4 hours to pull together cash in order to execute on the deal.

But he had previous business and real estate success, which you will need in order to raise capital to fund the down payment and have skills that translate into execute the business plan effectively.