The units have had all electrical panels and water lines upgraded with permits and new kitchen cabinets installed in all units.All of these deals were on Redfin.I would argue that there is money to be made in every market.

Purchase price: $1,500,000 Cash invested: $1,200,000 This was a bridge loan at 80% LTV and 9% for an experienced investor who will be refinancing out of our loan with a construction loan once permits are approved for construction.

They have a cap of 3900 STR permits with about 500 still available.  

You may need permits for plumbing, electrical, and structural changes.A HELOC can be a flexible and cost-effective way to access funds for a down payment on another property. 

Zoning laws, permits, and construction delays can also complicate things.Seeking Your AdviceSo, I’m turning to the BiggerPockets community for guidance.

I initially went in with hopes of re-creating a BRRR but it may not be possible but hopeful nonetheless that rates can go down to profit more from MTR.

The Theory is this:(Quoted from VA.org: Those who apply for a VA mortgage with another veteran (a VA “joint loan”) may be permitted extra units for business purposes, which means your multi-unit property could have more than four units.

We've already collected around 20,000 pre-reservations, equating to approximately $30 to $40 million, and have received hundreds of requests to build individual units.We’ve completed the first unit, which has passed the final county inspection under a residential permit, and are actively working on the second phase.

If you're just adding a door, you probably don't need a permit. 

Their city government website has information on short-term rentals and how to register for rental licenses/permits.