To make more sense, here is a scenario I am looking at right now:$55,000 Purchase Price$13,750 Down Payment (Investment)$266 PITI based on 4.35% @ 30 years and estimate on Tax and Ins$413 ROI based on 3% of my initial investment$102 Safety Funds (15% of PITI+ROI)$781 monthly rent - Break Even (ROI) will be 34 months (rounded up)Now, these are ball park figures, but overall pretty close to actual.

@Nick Brubaker I'd be interested in joining a round table discussion about the market! 

In a round about way that was 0 down.

So many people send out one round of letters, get little to no response, and give up.

If it's rented year round and you squeeze a couple weekends at last notice when you can then it's probably being held for investment.  

with long term goal and also if law changes, should be able to convert to ltrI'd just go on Realtor.com, or Zillow, and find an area that has the right makeup to support a STR - little or no restrictions, year round demand, lots to do, etc......

After several rounds of negotiations, repairs and inspections I wired my money to close only to find out the seller can't come up with the money he owes on back taxes, utility bills etc.

Some folks put sign for trespassing and inform the nearby police station so that cops have extra rounds near property.

BUT... you do need to understand the language of real estate (the kicker is that most this language is never used once you become an agent)  If you know the definitions you've rounded 2nd base and you're headed home.

Stick with the areas that have year round traffic; locations near business travelers, attractions, hospitals, universities and airports.