STRs that I could use for personal use (family vacations) once or twice a year.  

To flip, you pretty much need to be in the most desirable areas.

That person already had that money spent in their head even before the property is sold

Real estate is a very sought-after investment class right now, and as such the supply/demand picture compresses cap rates to reflect how desirable it is.The question is, is this as good as it gets? 

Because with detailed plans, examination of alternative causes and getting involved even when the trend is not favorable can make a person start making profits from real estate when he is old as well as when he is young.Good luck!

Personally if it is a loser for 2 years, then it is a bad deal.

You can find loads of online and in-person real estate events where you can meet many wholesalers!

@Rhia MckissicMost states require a lease to identify the owner of a leased property, whether a person, trust, LLC, IRA, etc.Landlord = Lord of the Land = Owner per deedAgent = someone legally representing the ownerProperty Manager = Agent

But painting the exterior of a house for $500 is very reasonable, at least around here for any person of reasonable skill to paint a house.  

I personally specialize on the financing side of the house and help people get from where they are to where they want to be in regards to lending and financing these deals!