I am worried that after the offer gets accepted, the appraisal value might come in significantly lower than the contract price.I understand that discrepancies happen, and I’m not concerned about a small gap (10-20k), however, if the appraised value would come in significantly lower (50-100k, or more), then I would simply not be able to afford this property (given my then lower down payment, and worse mortgage interest rates).I am wondering if anyone has any experience with what happens in such cases?

While I have properties in Colorado Springs, I am also looking at Pueblo as the cost for property there is lower and many who could no longer afford prices in the Springs have moved south to Pueblo.

I'm flexible on most parameters (exact area, number of units, amenities, rehab vs turnkey), because affordability will be the main factor.

I have helped one client find an existing STR, and the easiest way to do so is to do a key word search in your MLS for "furniture".

Can you afford that?

@Randy D. as long as you're not over-leveraged and can afford it, having multiple irons in the fire is never a bad thing.

Cities like Indianapolis, Cincinnati, Columbus, etc. are really stable markets with great rent growth and affordable investment opportunities.

This job has afforded me the opportunity to save a good chunk of cash (though I'll admit I have not saved as much as I could because I have enjoyed traveling so much [no regrets!].) 

This is attainable in California because the housing prices are so astronomical that people that can afford that $2k a month cab’t afford to purchase.

However, these investors have experience and knowledge in their market and most importantly are NOT using the "no money" approach because they can't afford to put down  money for a traditional down payment.