The local area has a few attractions and similar STRs have done well based on what I see online)The plan is simple. 

Institutional Investors: As you scale, attracting institutional capital (e.g., private equity, pension funds, or REITs) can provide the capital necessary for larger developments or acquisitions.

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

In Minneapolis, the Downtown East Commons Park, initially built for Super Bowl LII, has helped attract office buildings and residential developments.

Check whether there’s an overabundance of similar rentals or if newer, more modern buildings are attracting tenants away from older stock.You're on the right track by doing detailed research, but don’t let longer days on market automatically steer you away from a zipcode.

Ordinarily for STRs, a two bedroom can do well well because it attracts more clients.

Either way far more cost effective than hiring a VA to skip trace which I did a few times and burned a hole in my wallet.

Investment options DSCR is on the higher end more attractive because it requires (No income) no job, no paystubs.

Less desirable and by no means luxurious but not dangerous, no intensive management needed, properties unlikely to appreciate much over time but very attractive from a cash flow perspective.

This attracts a lot of students and employees that make the commute from Cedar Rapids.I hope this was helpful!