People are imperfect and things like late payers is something you deal with in your approach to managing properties more-so than in the vetting process because if tenants were perfect most would be owners not renters.

However, because I need to focus on my business, I'd like to approach the vacation rental investments as investments as much as possible.

It’s advisable to consult with a tax professional or financial advisor to determine the most appropriate approach for your circumstances.

Yes, it may go by the income approach but depending on your area, the comp approach may also be factored in. 

I started my MTR journey with a multifamily property as a LTR and slowly converted it one unit at a time and was really happy with that approach.

This doesn’t mean anything is “off”; it’s just how I prefer to approach this.To address your other questions, the property listing states that it has a new roof, plumbing, and electrical systems, which I see as a significant plus.

I have been around this wholesaling mid west flipping stuff for 20 years now and have only been approach for EM a very few times.

Given the low LTVs and the significant appreciation your properties have experienced over the years, a cash-out refinance could be a viable strategy for you.Here are a few reasons why this approach might make sense:1.

I was conflicted on DR's adamant position against leveraged debt, however, having a degree in finance and economics I believed I had well balanced approach.

Their approach resembles the BRRRR method.For example, we have a 3-bedroom, 2-bathroom home in fair condition (requiring less than $20K in cosmetic repairs) that has been on the market since August 2024.