Can you please also provide some insight if that changes occupancy and/or desirability?

Our market is unlikely to produce outstanding cash flow with the use of a PM and if you are self managing, your cash flow equates to earnings for your efforts.I am hopeful that the high interest rates have had a negative impact on income and that the STR income will improve if rates decrease.  

Not everyone can put down 20% to start in the STR world and these are options to find an entry if someone desires.  

It's not a tax issue as you don't earn that money until the rent is due each month.

To start, and to earn my required experience I need to work with another GC, even if I do most of the work.

I pushed back on this and requested a re-appraisal - I submitted comps showing what other less desirable condos in my area have recently sold for - but the appraiser is sticking to his estimate (of course he's not going to admit he made a mistake).

I believe most who sign up for these programs are too naive to know what's happening but if you are someone who does and still believe this is the best path forward I question whether you possess the moral compass or responsibility to care for someone else's hard earned money. 

By buying it when it was being built its appraisal left with with equity earning on day one.

.--- Tactic 3: Strategic Land Acquisition: Bren acquired land in strategic locations, often before areas became highly desirable.3.

If the area is desirable (with features like the pool and backyard), and the ARV holds strong, the multi-family homes may not have a huge impact.