One of the more difficult parts would be that you are guaranteeing that you would always be managing your short-term rental business from a distance. 

Unless you purchase at least 95% of the value of your list.My recommendation is always to get the new property under contract during the 45 days after the sale or in the short period before the sale happens (you can go into contract for your replacement property prior to sale. 

Short Term (1-3 years)- Goal: 1.

Bright colored envelopes and short and sweet content is the way to go.

Someone else might have a different opinion, but I don't see holding this being the best option in the long or short term.

Purchased a 4-Unit in Delray Beach, FL last July with HM (Lending On- they have been excellent)  $520K pp w/25% down- gut rehab with my own cash- now a weekly vaca rental/short term stay lux compound (www.lavidadelray.com). 

General ideas:A property’s Cap Rate is a function of the NOI and the valueA Market cap rate is the cap rate you would expect for a bunch of properties similar to the one you’re buyingA market’s cap rate is generally fixed for a short time domain: it can change over the years but generally is fixed over the next few monthsA property’s NOI can change very fast.

But that is usually negotiated.I would say that house Fix and Flip  would be a good short term investment on a short or long term loan through various lenders. 

HELOC is short term target loan and cash out-- if you want to use funds for longer term. 

Long story short, I'm drawn to a few of the MSAs in North Carolina for a number of reasons: population growth, job growth, climate, taxes, lower acquisition costs, and I'm a Jersey boy so I like the East Coast.