As an out of state investor, I think STRs are now the way to go.

They move there and live/work there.As for the other, mis-match, places, their economies collapse from a lack of workers/support staff.

Hold it for few years and then sell it or built a second/vacation home. which area would you recommend and why?

They probably won't share said report, but you can ask them all kinds of questions related to the report - how many leases are on it?

Obviously, the rules will differ from state to state.The most successful buyers have trusted bidders with cashier’s checks in multiple denominations (for cash sales) and the actual buyers have field runners and people to monitor multiple prospective properties at a given time and check sales status for postponements due to BK, etc.This is the case in larger metro markets where many properties could go to sale but few do so.There are often better ways to acquire properties then auctions.

Vacation rentals are usually much nicer, are close proximity to attractions (beach, mountains, lake, theme park etc) and have nicer or more ammenities.

It takes a certain level of QB knowledge to set it up correctly.My General Recommendation: Spreadsheets are usually fine for your first 1-3 properties. 3+ properties, you should use a software.

Does anyone have experience with this and have a suggestion of which to go with?

Hey Brandon - are you thinking of more rent ready or fixer upper?

2) How booked out are they?