re: Purchasing property to short term rent

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We don’t have to use it ourselves and would like close.

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With this criteria unless you are paying cash and can find a fantastic deal then now is not the time for most STR's. Chances are you DON'T know the local market well if you are asking these questions.

Rental properties drastically vary by location, just like any real estate. One block over or one street over or facing the wrong direction can change things drastically. One building may be much better than the next. Rents are all about ROI though and the ROI for one building could be much better even though the demand for a purchase is better next door. Just jumping in without knowing all this and also not planning to use it, would not be recommended if you expect a decent to good ROI.