The problem is that many people who own STRs are not experienced so they just drop their prices when things get slow.I account for those abortions and eliminate the very high and very low ones and the ones with lots of rentals at low but not stupid prices.  

As an aside, if you plan to hold and refinance after the rehab do not use credit cards as a high utilization will drop your credit and make the refi difficult and expensive. 

Make sure the rent covers your nut and then do it again.....This is really pretty easy.....and a good time to buy now with prices dropping...

I did not foresee interest rates going up so fast, I’m not confident they will drop again for a really long time (years).

If/when there's a "crash, recession, etc." prices will drop... that's part of the definition of a crash/recession.  

Huntsville AL holding up in the slowdown.HOME > DATA & ANALYSIS > 5 HOUSING MARKETS THAT ARE HOLDING UP IN THE SLOWDOWNData & AnalysisBUILDER5 HOUSING MARKETS THAT ARE HOLDING UP IN THE SLOWDOWNBased on unsold inventory, these five markets are staying strong amid the cooling environment.By Leah DraffenThe cooling market is causing sales prices to drop, incentives to be offered, and unsold inventory to stack up throughout the U.S.

Austin Richardson’s Presentation Notes (Notes taken by Keith Miller, any mistakes, errors, or omissions are my fault)Costs for construction are coming back down.In larger markets, especially with larger construction firms, costs have dropped by 15% for projects in the next six months.

Secondly she wants new flooring in the kitchen because there is a small cut in the vinyl where a knife dropped.

With such a limited supply & overwhelming competition to follow, what are some recommendations for a beginner seeking good deals that will cash flow before and/or after interest rates drop?

I do it on one page, kept it simple, dropped it off at the local title company and opened escrow. 30 days later, the transactions closed.Hope that helps... or at least give you confidence that it can be done successfully.