I did 7 deals last year from out of state living in Austin Texas.

Since STR “lives” on reviews, being “right” because of the contract the guests signed might be the most expensive “right” you’ve ever experienced.So what’s left for the “wanna be” STR investor in today’s market?  

The FHA rules/regs (in particular the FHA self-sufficiency test) are applied the same across all markets, and I know for a fact that in rural communities across the country, and big cities that are not particularly desirable places to live, it's not a deal-breaker, I am not commenting on those areas. 

I also pay my mortgage for the house I live in.

Sometimes tenants bite, sometimes they don’t, but it’s worth a shot.Owner Move-In: If you’re planning to live in one of the units, you might be able to legally take it back.

Strengthen Your ProposalDevelop a Business Plan: Include:Vision: Your goal of creating a micro-home community.Market Research: Show demand for affordable or small-footprint living in your area.Financial Projections: Break down costs, ARV, and anticipated ROI.Experience: Highlight your previous fix-and-flip and demonstrate your learning curve.Present a Solid Development Plan:What is the size and scope of the project?

,I have sold and been managing properties that are near the MIA and haven't had any complaints from residents who are living in them.

4o Hi Monty, I Live 15 minutes from the freeport area with building and flipping experience.

However, I am thinking of having my parents who are retired living there part of the year and doing STR for the remainder of the time.

You’ll want to get really familiar with local zoning laws, short-term rental rules, and landlord-tenant laws as they vary by town if you plan on going the STR route.Focus on Cash Flow Early On: You might be tempted to go for something that appreciates quickly, but in the early stages, it’s important to find properties that bring in cash flow.