Not saying that those are possibilities but understanding those potential outcome and doing what you can on the front end (screening + clear expectations) to avoid them.  

@Miguel Del Mazo You are correct on all aspects of your response!

When it comes to selling properties, I firmly believe in maintaining transparency throughout the process.Let me share some insights and experiences regarding this important aspect.● Resident Impact.

And keep in mind that the rate on the 2nd lien will likely be 10-12% so depending on the cash flow it might not actually yield that much cash to you at closingMore importantly, it's just more debt so ultimately it sounds like you need an income-producing event to actually improve your situation and avoid some of the consequences that you mentioned

Avoid premises liability exposure.  

STRs also have the seasonal aspect to it for the winter time in COS and long term rentals are steady. 

Depends who you ask and how secure you feel about your income On the one hand being debt free is great, but leverage allows us to build our wealth quicker.RE investors are notorious for being cash poor, so I would avoid thatIf youre able to comfortably save 100k a year and have enough reserves, I think buying leveraged properties is the best way to scale.You could kill two birds with one stone theoreticallyThey say paying an extra month a year towards principal saves you 7 years on a 30 year fixed mortgageUsing that logic you can add 2+ months a year on your primary, and buy 1 property a year and keep enough reserves. 

State's differ quite a bit not just with their laws but with how certain aspects of a sale are customarily handled.

I really like the all aspects of it as an investor with property managers for my properties, and it doesn't hurt that it's free since I'm not that big.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!