Michael Plante That is an interesting strategy but unless you are already wealthy and have a lot of cash to invest that strategy is very limiting.

Why not combine both strategies?

@Krystal Thomas & @Dave Foster What's your investment strategy in Key West?

I use a strategy and only buy lots that have high potential to be build able or are next door to a resident home owner.The resident home owner is the key.

I am fortunate that she is just as passionate about investing as I am and we've begun conducting a long term investment strategy that will begin post marriage.

Its a great place for cash flow and depending on your investment strategy there is a very wide range of types of investments.I have been working on the investment side of real estate for several years now and know the city very well when it comes to buy and holds.I own a few myself and have and have wholesaled and worked with a ton of buy and hold investors.You need to be careful of what you are really buy in SA though as what you are experiencing in Austin is happening here as well but mainly on in low-end properties.

There is some really bad advice about strategies to establish credit in this thread.

The reason why I'm still considering it is that my longer-term strategy is to convert the current water heater closet into a half bath, and THAT will result in higher rent for sure.

BRRRR strategy or value-add & 1031-ing are the ways to move quickest, but it's still going to take years. 

I've been doing build to rent off and on (when I can find great deals on lots) since 2010 and it's my favorite strategy.