I have a couple of investments and am about to jump into a Short term rental while still being a w-2 employee.

I don't like the short timelines/constraints of 1031 exchanges though. 

Lots of people do short term rentals with pools, this is not very uncommon.

This strategy can be a game-changer for building long-term wealth, as it enables you to leverage your gains without an immediate tax hit.Example: Sell a rental property for $300,000, reinvest in a new property of equal or greater value, and defer capital gains taxes indefinitely.5.

We're probably not going to take the risk if we're busy agents to play that game. 

Since you’re based in NY, Detroit is just a short flight away, making it feasible to visit and get a feel for the market and the team you’d be working with.That said, I’ve worked with plenty of investors who have never actually visited and still built successful portfolios—it really comes down to having the right boots on the ground.

Quote from @Jonathan Greene: Quote from @Jamie Parker: Quote from @Jonathan Greene: Those are video game calculations.

I’m not in the game yet, but I’ve been diving into this to prepare for my first multi-family deal.

You don't have short-term maturity risk, and you don't have prepayment penalty risk (just has a 1% exit fee). 

Even if I were to rent it out on Airbnb, the cash-on-cash return isn't very attractive.Specifically, I’m concerned about:High mortgage payments and the financial strain it could cause if the property doesn't generate sufficient cash flow.Cash-on-cash return is low, even with high-revenue short-term rentals.My Questions:Risk Mitigation:Any strategies I can use to mitigate the risks associated with owning a high-value property with a large mortgage?