Not that you asked, but if you are going this route, I'd highly reccomend the BRRRR method.

I made a deal with two highly motivated sellers, they're ready to go. 

If you want something more turnkey and very low price points, then you are looking at markets like Memphis where there is high crime.

With the recent appreciation, it made sense to refi back to a highly leveraged position and redeploy that capital to where it can produce higher return than it was achieving trapped in a property which was reducing the leverage.  

Where I'm at in Navarre (In between Destin and Pensacola) the short term market is highly saturated. 

Based on what I see - I'm not looking to do STR in the High Desert right now.

.- Smaller properties are usually easier to off-load (more liquid) because our society is seeing very high levels of migration (people travelling or moving for work constantly) / people less inclined to partner / have families / people more focused on work / and pied-a-terre concept.- Condos are much easier to maintain internally than larger homes.- Condos are easier to manage as Air B&B than larger homes.- In the case of multi-family properties, sharing a home with two or three other families where everyone knows everyone can create issues if they don't get along as the close proximity doesn't allow for any privacy.Happy to connect with you and speak in more detail if you are interested in Massachusetts!

The unfortunate thing is that a lot of the super large PMs tend to run on super thin margins and aren't high quality.

There are high yield funds and securities doing over 8% you can use if you want.Also, you could take the funds and do private lending at around 12%. 

Extremely impressed with his knowledge and highly recommend looking into working with him.