No offense to anyone that's replied, but you should really ask this in the STR forum where people are more familiar with STR's in particular, because much of the information so far is not accurate.The good news is your estimates (275 ADR and especially 60% occupancy rate) are way low in the current market. 

all of my units have long term tenantsc) the good news is that the property values here in South King County have gone up by a fair margin over the last ten years.

The good news is the provisions that targeted self-directed IRAs (section 138312 and 138314) are out of the bill.

Begin setting goals for yourself and take the small action steps each day that are needed to achieve those goals. 2 resources I'd highly recommend are:- Read The Slight Edge by Jeff Olson - which talks about doing the small things everyday that will add up to major results.- Begin writing down your goals and holding yourself accountable.

For example: a high cash-on-cash ratio is usually good news.

Also look at easements (especially on the vacant land) and factor in parking driveways, will the city let you curb cut for additional access if needed or are you stick with what you have.Also look at the number of parking spaces needed for new builds vs what you have (will a new build trigger anything there), and consider if enough electrical is available at the site for new buildings.Is there a Town Approval Board or some other such PITA process you must go through to get building/remodeling permits, and how much control do they have over your actions (plus how long do they take to approve, and is it "The Old Boy Network" to get approved (???).

Taking action is the key to successful investing.

And the market will force them to do just that (remember, places WANTED to cut their profit margin in 2020 to court more business, but they COULDN'T, now they can), in fact it's already started, hence that class action law suit against Rocket Mortgage... when they went public in August 2020, they told their investors that the 2020 profit margin was normal and projected to continue.

I realize that moving forward is only through action, and experience is only gained by making that "first deal"(just like it was when I purchased my first rental 10 years ago).That being said, the transition still feels daunting, given the higher purchase prices and lack of experience as a "first timer" to multi-family real estate. 

In Ohio or another state where you own property, you likely will only be taxed on the income earned in that state and need to file a nonresident return rather than a resident tax return.Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the "cause of action" arose in that state.