Great community to bounce ideas off of as I build my knowledge base.  

If the answer to the last question is yes, I think it'll be a hard choice.I see a reasonable appreciation rate for underwriting at about 6% based on neighborhood scout, so nominally I think you'll make 10-11% if you had paid cash which means I think you'll do quite well holding on (20% returns or so). 

View report*This link comes directly from our calculators, based on information input by the member who posted. 

I would still set aside money for renovations that are need based if you do that and use the rest to invest.

If you choose to play with fire, that is your perogative.For your reference, here is a good primer.Here is the key paragraph:Rental discrimination is when a landlord or property manager treats an applicant differently based on the applicant’s inclusion in a protected class.

@Stephanie Menard, a few comments based on my own experience.1.

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

This gives you flexibility and a clearer understanding of how you’ll proceed based on market changes.

They are very likely based overseas.

Licensed contractors have more of their "shtuff" together and thus are better at their job and naturally will cost more.