Constance your experience was well described and precisely the same that I experienced at a Hiltonhotel held in the Chicagoland area this weekend. 

Also, for the experienced BRRRR folks out there, are you holding true to the 50% Rule on Cash Flow on each project? 

I know as I'm learning the industry myself,  I am also helping my business partner in texas as well since they are more experienced than me.

Every other month it was spot on 12% return.Having said all that, I am currently experiencing some lag in performance with their new AHP Servicing fund which just opened to new investors November 2018. 

Talk to contractors and experienced investors to know what you should look for before making any offers. 

First, get a decent realtor and a solid and experienced team around you.

If I were you, I would purchase a duplex or triplex if you're able and make sure you learn the local tenant/landlord laws inside and out or hire an experienced property manger.

We have done this for over a year now and this strategy has gone really well.We are very experienced in the STR space and understand that getting bookings is multi-faceted (ie. listing photos, reviews, amenities, PRICING, description, seasonality, etc).

Commercial properties tend to yield higher returns but come with more complexity, higher risk, and longer vacancy periods, making them better suited for experienced investors.

If you are a new investor they will still will work with you but due to being new you will pay a higher interest rate and more points than an experienced investor.