Brokers protect the interests of all of the investors, but investors only want to protect their own interests, which can leave some investors out in the cold. 

I do have a property manager on-site to address any concerns my tenants have. 

That’s good to hear about mid to higher end rentals as that was partly a concern of mine.

yeah that was exactly my concern too with regards properties sold around that 3 year time frame. i'll definitely reach out and let you know.

For example, I am a little concerned about some aspects of the business cycle recovery and a potential for a double-dip so I lean toward the safest part of capital stack which is debt (or low-debt equity).

Even at 280 it leaves you at $32k and after taxes brings you down in the low-mid 20's, with no hiccups.

It is close to the downtown area but the majority of area is bigger lots and on the other side of a prominent hill that gives it a more out in the country feelFoothills is the most exclusive areas with higher price points and lots of upper end shopping and diningMarana and Oro Valley are the newer "suburban" areas of Tucson that have the laid back walking and biking paths, golf clubs, snow bird / retiree type activities that draw visitors in and then get hooked and eventually buy homesIf you haven't tried Tucson yet, there is quite the variety and with snowbirds leaving, there are plenty of current STR's ready to host you as the summer warms up. 

Using your example:ARV = $250K75% of ARV = $187.5KSo, theoretically, you could refinance up to $187.5K, which would cover your $150K (purchase + reno costs) and leave $37.5K in equity.

Kissimmee is still a strong STR market, especially with Disney nearby, but competition has increased.The smaller pool and backyard might be a concern for some guests, but the privacy from the freeway could be a nice bonus.

If I leave 20 bucks on the table, I'll sleep like a baby and dream up the next big deal while others are getting audited or sued.