We try to keep good tenants for long term, an dhave several 30 year tenants and a 24 year tenant and average 12.5 years over the portfolio of existing properties.

Rental fraud is prevalent in our industry so be careful.  

Enter the STR:Short term rentals are defined by the IRS as properties with an average stay is less than 7 days.

I was able to rent it furnished long term for $1,500 more than the average long term rent in the area.

The city has good macro economic factors and a strong economy - I looked for cities that were at least better than the national average when it came to population growth, wage growth, median sales price growth, etc 2.

@Collin Schwartz so assuming an average $40k per door, that 1st 25 doors was ~$800k, you must have raised somewhere in the area of $200k cash of your own? 

Yes, when bad things happen its a great time to be look at how you planned and prepped to be able to handle those things and feel GOOD that you were able to manage things such that they are turning out BETTER than you planned for on average.

However, my income is inconsistent, with last month’s earnings around $4,000, this month expected to be about $3,000, and an average of roughly $2,000 per month.

I’m still new to the industry and learning different ways to approach my goals, so hearing your experience is really helpful. 

I am using rough numbers on the depth but around an average of 3 feet.