I have interests in buying STR in Florida. Currently live in MN and have fears after buying, I will wish I didn't. Anyone out there have those same feelings but are happy they did it? Secondly, the financial burden of paying for the mortgage, maintenance and management of the place seems very stressful.
I'd be cautious with an out-of-state STR, especially if the numbers only work when occupancy and revenue stay high. You still have the mortgage, insurance, taxes, maintenance and management whether you have guests or not.
I’d run it with conservative revenue assumptions and make sure you’re comfortable carrying the property during slower periods. If it still works after that, then I’d take a serious look.
You should just consider a long term buy and hold. For some people, a vacation rental can be stressful. Even if you have a PM. A lot of vacation rentals are 50%-60% occupied. And that can worry an owner, especially if you have high overhead. Having a long term renter is peace of mind in my opinion. I know 4-plex's that cash flow better than a vacation property. So if you are thinking of buying a vacation rental because of the cash flow, there could be better options for you.