Where I buy, which I think has some of the best price to income ratios out there I recommend a minimum of $185k cash on hand (for the DIYer) and $220k-$235k cash on hand for someone looking for a hands off approach.

- What’s the best approach for financing land purchases, especially if development will span multiple phases?

What’s been most effective for you, and are there any unique or creative approaches you’ve tried that have worked?

As a real estate agent working in the investment space, I’m always looking to fine-tune my approach and discover new ways to find potential deals, whether it's off-market properties, distressed assets, or any other lead sources.Some questions I’m thinking about:What CRM tools have you found the most helpful?

Is there a method to the madness or just a shotgun approach until you find one that works?

Quote from @Chris Rich: Depends on your approach - cash flow or appreciation.

Open and clear communication is the key  they need to know that your approachable but you'll call ******** when need be  

That being said, I approached a local DSCR lender who refuses to look at my specific rental strategy in underwriting. 

Other than the costs of setting up the STR PM business itself, there are relatively few costs to the PM for taking on a new property.An MTR operator is usually approaching LTR owner with a proposal: to rent their unit at the advertised rate as a long-term tenant.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.