I did as she asked and managed to book 6 of the 14 nights she had cancelled.

Buy and holds is the key to true wealth with all the benefits of depreciation, appreciation, loan pay down by your tenants, leveraging the equity, cash-flow etc etc, but it often times isn't the active income that pays the bills until you build up a portfolio and even then there's the tenant management or managing your property managers.That's why I'm involved in all 3.

I am invested in a small multi family in TX and the management was not able to fill the property and do repairs and the income has dwindled badly.

But as far monthly payment you could easily buy a house in a cheaper location have less roommates and the same monthly payment or the same number of roommates and a lower monthly payment.

The key to investing out of state is finding a good property manager.  

Quote from @Krishnan Iyer: Hey Tom, I use Stessa to manage all my income and expenses (bookkeeping) for all my properties.

Currently, I have an LLC that operates as a management company, which collects all the income from my two short-term rental properties.

Property managers don’t pay for problems.

We need to find a good app/website for them to send rent as well, preferably one that has many things built into it, making it more simple to manage things in one place.

A solid lender, contractor, and property manager can make or break your first few deals.What strategy are you leaning toward first—flipping, BRRRR, or buy-and-hold?