Operating in a rural market with no institutional players is different.

Nevertheless, the biggest thought going off like a neon light in my head was of finally getting all the right players in the mix to renovate a project, then jump to completely different city/state or neighborhood where they can't be used a second time, and then start all over from square one, putting another team together for a second project.

This is the pond that the players fish in. 

We’re not trying to outspend institutional players—we’re solving a different problem.Small-bay flex isn’t loud.

Little history will show some of the largest institutional players(as individuals not on the behalf of institutions) jumped in also in mid 2014-early 2015. 

In exchange, you're being offered the net cash flow and strong upside—assuming the operator executes well.What I Like:3x return on capital over 5 years and ~30% IRR is excellent on paper.You’re avoiding asset depreciation risk—since you’re leasing, not owning.You’re leveraging a high-demand location with upcoming events (think Super Bowl or F1-type spikes).I’ve seen a few deals like this in Austin and Miami, especially during peak STR booms where institutional players or operators didn’t want to own but needed the lease secured to scale operations.What I'd Be Cautious About:Operator risk is very real.

VRBO is absolutely worth it and in many areas the main player.

I have not heard of them, but I would make sure, especially since they seem to be a new player in the space, to ask them the questions that are outlined on the "Best Questions to ask your DSCR lender for STRs" post on this forum: https://www.biggerpockets.com/...

Many PMS platforms also support direct booking websites, which can help you avoid platform fees and build repeat clientele.As for where to list your property, Airbnb and VRBO are the biggest players, but you shouldn’t stop there if you want to maximize exposure.

There’s also a steady job market here, anchored by major logistics and distribution hubs (FedEx being the biggest name, but far from the only player), healthcare, and manufacturing.