Additionally, it raises red flags in underwriting if you were to originally acquire a single family home, and then move into multi-family after that.  

Moving further into their program was not a fit for me at the time however it gave me my launching pad in the industry. 

Embarrassing, because my seller did exactly that, without any of my loan details, and generated the exact same letter I had given to him.Lessons learned: gold cross = red flag, "have a blessed day" = "see ya"Date of experience: June 16, 2023

If this passes and someone ran their numbers based on 30 day stays, they could see a significant hit to their bottom line.In summary, talk to people who know, ask them what they think will happen in that specific area, and know that in high demand areas an absence of rules can honestly be a red flag - it means the STR conversation hasn't happened yet and leaves you vulnerable to whatever the decision is once it does.

This would be our first rental and I think it could be a good opportunity long-term, but it feels like there’s some red flags here.

However, I also do like doing the analysis on my properties so I suppose it is "fun" for me, at least as much as fun as a computer-based task could be.

- Are there any red flags or cautionary aspects I should be aware of?

In small college town with high rental demandAsk price 745kGross rent: 9750/mth 177k/yr     (differed maint properties with potential 200/mth per unit increase once renovated) estimated reno (190k across portfolio)NOI: 91,475/yr   (12.6 CAP)    (includes tax, ins, listed maint for past yr)     After reno NOI 127,475/yr   (14.6 CAP) Deal info:    - Owner finance 745k 20yr at 6% 20k down minus deposits (~13k)Cashflow  = 2100mth     (self-managed) (self maint similar to the previous owner)By this alone, 2100 cash flow added per month, it will put me at my financial freedom number of monthly cashflow is equal or greater than my families spending amount.

I live in Redding, CA, Corelogic says our appreciation rates going to be 7.6%.

In my case, per house and being in the industry for more than 7 years takes me at least 30min to run a good number per house.