Sometimes, buying an existing property can be more cost-effective and less time-consuming and maybe require slightly less permits, etc. 

I am trying to get a good hang of the rehab costs since I’m new to the are (from Dallas).

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Additionally, cost segregation and bonus depreciation can accelerate tax benefits.Because filing as single taxpayers limits certain deductions, planning in advance ensures you maximize benefits while avoiding complications.

We are looking towards STRs in order to lower our W-2 taxable income via cost seg and bonus depreciation.I believe my line of work qualifies me as a REP, but what I am not clear on is whether I would still need to meet the 'material participation' requirements in our rental business in order for our losses to be non-passive.

Be sure to factor in repair costs to keep things profitable.

Evicting them, even after purchase, could be a lengthy and costly legal process.

You magically get the seller to cover every single closing cost (A $12k gift, or a trick to get you to buy their problem.).

The masterminds often encourage students to finance the new-car like entrance fees on a credit card, on the promise of just a single deal covering all the entrance costs. 

On the flip side, traditional financing typically offers better rates and longer terms but can take longer to close, and you’ll likely need stronger financials.If you’re trying to balance speed with cost-efficiency, it’s worth considering your project’s needs and how quickly you need to get funding.