A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, that you should sit down and assess your finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

Avantstay always had an excuse of why that was.My 5 bedroom property that was one block off the beach in florida had literally zero bookings in the month of december 2024.

The latter would create mortgage rates issues, the former will eliminate a lot of fake demand and some material real demand in the housing market that is bid side.Mortgage rates higher + build costs higher(less labor + tariffs)= Kill demand.

But my experience over the last 10 years of building new homes is that NOTHING comes down might stay the same but will rise almost annually Like Cement always goes up in Jan. 

I completely agree that personal interaction can go a long way in building rapport with guests, especially when you're trying to create a memorable experience.

The options are, demo the lot, split the lot and then sell 2 lots to the builder or build myself.

I also have a building though in a low income suburb and that place is 10x the work and I kind of want to find a manager for it.

But I’d say the key to success is building a reliable team on the ground.

Then, start building your connection with local agents, contractors and property managers.2. 

I'd do what you can to keep yourself uninvolved with it....but still help your Grandma of course..A trip to the City (Planning/Zoning/Building Depts) will give you some valuable info.