Well the bet I'm making here is that CapEx and repairs will be very low the first few years (honestly event he first decade), and once all the construction ends I will be able to increase my rent closer to market rent at $2k which will give me a better cushion.

@Steven NguyenThe BRRR method is a solid strategy, but careful planning is key.

The book on tax strategies for real estate investor by Amanda Han and Matthew Macfarland.I read these two books when I first started investing and found the information very helpful.

@Mark Ainley sent out an email in regards to these fraudulent tenant apps recently and they also have some great strategies they use to prevent it. 

To say I am shocked is an understatement.Finally, when I sought out their tax strategy services, I specifically asked in the informational meeting if I wasn't acting a little prematurely, and if I should wait for my partner and I to be married in 2024 before making this investment, i.e. if tax strategizing would pay for itself in 2023 via significant tax refunds.

Looking for any input or advice on how this strategy actually works.

To minimize upfront costs, explore down payment assistance programs, creative financing strategies like seller financing, or rent-to-own agreements. 

Nightly rates: Yes, but the benchmarks should also be lower.Year 2 turnaround: What strategies could we implement to project a higher ROI in our second year?

I am also a huge fan of real estate and for the past 50 years there's been a way to combine both.By leveraging a Self-Directed IRA, real estate investors enjoy both the traditional advantages of property ownership and the additional tax benefits of retirement accounts, creating a powerful wealth-building strategy.

As I see it, the only ways that real estate pays you well in the first 3-5 years is low to no leverage or a strategy that requires more work (short term rental, mid term rental, rent by the room, etc.).