Trying to figure what my budget might be and get a better warm and fuzzy if this will be worth the investment.

Besides the down payment and closing costs you typically will need to have 6 months worth of reserves as well.

Ask questions, get to know the renters, and document the condition of each rental so you have a record from that point forward and can hold tenants responsible for damages.Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called an estoppel form or agreement).

We are hoping to add some equity in the form of renovations and a few years worth of appreciation.

In a transaction, that question would be one for your Broker of record.

Some cases the land is worth more than the buildings.

Property owners prefer an experienced operator with a track record--Again, this is not a change in market conditions.4.

I’m purchasing a home worth $200k-want to maximize this.  

Am I correct to assume the risk is not worth it to rely on STRs in these areas?

I've heard mixed opinions on whether it's worth it for beginners.