I currently have a full time job, but short term rentals and short term rental management has always captivated me.Being in Missoula MT’s backyard the market is busy and priced high.

That got me thinking about my real passion in RE which is urban townhomes to contribute my hometown's (Houston) trend of increasing walkability and density. 

Realistic and optimistic numbers :) and you will start seeing the trend based on competition. 

@John Philip Eugenio,First I'd make sure that the market you are looking at has positive demographic trends, population, jobs/employment, etc.    

:| Tulsa seems like a good place to capitalize on both trends.

While looking for a market there are some things to think about getting into that market not just price, the application of the market, the stability of the market for jobs/job growth, the long term of the market conditions in that market, and the historical trends in that market that you pick/look at.The areas that fit the things above that you feel good about are then narrowed down to price, price is a leading indicator on if you can do the deal or not, we have areas that are luxury, secondary markets and vacation markets that people invest in STRs (this area is the cheapest prices considered).

It was mostly condo's during this time period but the trend would be the same. 

I wouldn't pay off more to drop PMI and gain equity to refinance, that will be throwing a lot of money in a direction that will cost money to pull it back out and with the rate trend at more expensive dollars.

I know the new trend in San Diego is to build down and wanted to know if anyone in the BP community has endeavored in this venture.

Then I would look at the bigger trends, is it a growing market or shrinking market?