I do understand wanting the highest rent to purchase price ratio, and I would assess markets based on that, if that is the route you are going.  

We have the opportunity to purchase a beautiful, well established STR in an up and coming market.

It was purchased by a flipper on 12/13/2023, just 6 months ago, for 395K.

Why do you think purchase contracts are so long and have such small print?

It might hinder your ability to purchase more homes down the road.

I am close to the owner so I can discuss options.These are details and some rough numbers: - Location: Vienna , VA - No mortgage on house (free and clear)- Purchased year: Around 1980- Purchased price: around $50,000- Type: 3 bed - 2 1/2 bath single family- Market price: $920K (not appraised yet but numbers from Zillow)- Market rent : $3,400/mo (from BP Rent estimator)- Insurance $2,000 /yr- Taxes $9,300 /yr- Management $3,260/yr (I do not want to manage )- Repairs: TBDThe numbers do not work with conventional financing (20% down, 7% interest, 30 yr) so I want to think of creative financing ways.

And Im looking to potential purchase a few and connect with some builders and developers to see what they are buying lots for in this area.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Alternatively, should I consider purchasing several single-family homes?

Hi Garrick, There are some new financing programs available to investors purchasing STR properties.