Note at “standard” MLS market rent to price ratio, the property tax alone is ~20%.

There are plenty of older homes on the market that do not have closets.You need 2 egresses (including 1 that goes outside) such as a door or window, size about 70sqft (local codes may differ), ceilings at least 7ft high, and it cannot be a walk-through passage.As always, your local codes may be different.

Having local family gave me a built-in support system, market familiarity, and the confidence to manage a property from a distance if needed.

Value: I am paying current market value. 

There is a high concentration of those in Texas (about 2/3) but it is relatively similar in most of the markets we lend.

In my market, I only have one vendor qualified for appliance warranty work, and the warranty companies paid him half his standard fee for each service call. 

I’m brainstorming ideas on how I can market myself to potential mentors in the STR game in order to gain experience.

Quick question on those who have done seller financing:- Buying a 0.3 acre downtown fort lauderdale multi family, negotiated an around 1M price w lot of development rights, double lot. seller got it way back early 90s for pennies- got good credit 800+, w2 job etc put 40% down and mortgage bank offered 6.62% 30yr fixed (CF negative as this would make current rent roll not too much compared to the PITI)- property is in ok condition, needs 20-30k repairs which seller OKd, and all 3 tenants are month to month, pay bit under market but also ok- seller would like to do seller financing, interest only at 5.75%, 30yr amortization at 7yr balloon (CF would be positive) - id be paying some principal as well, just to grow some equity- buying this deal for the future development of the area (las olas, kushner broward crossing) so not really worried even if we overpay for it now, but never done creative finance as i always relied on a strong W2 job to get good loans but obv im used to 3% 30yr rates from covid times not this 6+ environment..Goal is to hold the property 3-5yrs, and then actually develop it or sell half the land / refinance, pull out HELOC if it appreciates.Questions:1) What does he know that i dont? 

In high barrier markets, rents have gotten stronger but not the double digit growth we had seen, which was an anomaly.  

The original six month tenant I had extended the lease 9 times and stayed a total of 5 years, paying me about $15k over market rent annually.