Quote from @Marcus Ball: After struggling with local rehab properties in California, I switched to build-to-rent developers and chose a 1031 exchange.

If you're a landlord, then you'll want to educate yourself on the local laws.

Roll them all up and the averages are:purchase $154krenovate $47Ksell $232kThese are gross numbers, not including closing costs, borrowing costs, holding costs, licensing and permit costs, G&A, overhead, commissions, forward rate buy-downs, and lease-up fees, to name a few of the many expenses incurred. 

They're currently renting in Denver under only the guy's name but since the girlfriend is pregnant, they need to move to a bigger place.

**Letter of Intent (LOI)**: Though not legally binding, an LOI can outline the basic terms and conditions of a potential deal before the final contracts are drawn up, ensuring that all parties are on the same page.It's always wise to consult with a real estate attorney to ensure that your contracts comply with local laws and protect your interests.

Before you commit I would talk to banks, probably local banks are better than regional or national. 

My name is Cesar and I am originally from Puerto Rico but have been living in Virginia for over 20 years.

There are many local real estate investor groups or associations.

And a local resident is usually very helpful.

Im not an STR SME - I would check with Mike Savage and Dan Rivers - theyre the local experts on STRs.