Odds are you know this market better, you don't have to pay to fly to check-in on the properties, you can drive-by on a Saturday even if you have a PM, etc. 

I was able to call and email a couple of companies and let them know I was serious about investing out in Cleveland, that I was pre-approved and was planning on flying out there to look at properties.

Also, I fixed the vegas problem by moving here ;) Now all my miles go to flying me to networking events and conferences, super high return on investment.

We picked Orlando because the high rental rates, less issues with hurricane's, our son is an avid golfer and golf/flying in and out of Orlando is cheaper than other areas in Florida. 

We then disburse to the Contractor based on the contract, and most require 25 - 50 % once a schedule is locked in; larger projects may have additional scheduled draws based on completion milestones; and the final 10% is paid after the completed job is reviewed and approved by us and the Owner (if local or flying in).

So if you’re needing to borrow $10k for the down payment that’s not a good start which is why lenders don’t let that fly.

Rodger,Just saw your post from 2 years ago;-)  I believe that these days, one of the best drone for Real Estate is the Phantom 4 Pro, it does a very good job, easy to fly.However, since middle 2016, you will need to have a FAA license to fly a drone if you are using it making revenue, (Part 107).

You may have the Money but if you can't recognize the Opportunity, you can't get lucky.You may recognize the opportunity, but if you don't have the Money, you can't get lucky.BUT, if you can do both, you have set yourself up to be lucky.We ALL want to be lucky this way.I have been doing what David did for 24 years in Brooklyn, NYC and my portfolio increased by over several Million $$.The Cash Flow also increases dramatically as you can imagine what rents were 24 years ago and what it is now in Brooklyn, NYC.It's almost impossible to compare the returns to any other investment other than the great stocks performers or high flying Crypto.If one wants to achieve results that have the best "Luck", then you better have the Money and recognize the Opportunity.Many here may have the money, but just won't recognize the opportunity so they can't get these "Lucky" deals.

Unfortunately I don't have any historical data on this STR so I'm flying solo and trying to find a way to make an educated SWAG.I'll look at VRBO.

If you're flying solo, I suggest you use this forum to ensure that your purchase and sale agreement (PSA) has all the necessary language to protect your interests throughout the process.Also, I'd encourage you to share your financial analysis here, since that's usually where most investment "deals" run aground.