I would not expect to replace your W2 income in the first year and would project it to take 2-5 years before you were able to replace it, unless you are sitting on around 3-5M right now.

Purchase price: $79,000 Cash invested: $69,221 Sale price: $178,000 This was our first flip project.

The projected rental income wouldn't cover the mortgage and HOA at this time.

Both bathrooms need a complete remodel as well as the kitchen, the ceiling in 2 of the bed rooms are bowed (previous roof leak that was fixed) so new ceiling drywall, appliances, flooring, and paint throughout.

People that are good at branding and review designation can bury those low reviews and I wouldn't want to own someone's reviews but I am not your audience as far as a projected buyer as we purchased ours for a deal and they are both higher end beach stilt houses that are side by side and neither had been listed as a STR on any platform, we built it up with a direct book site and also use the platforms as well as the local website in the area to book. 

Now I own a thriving property management business, run a real estate team helping other investors learn how to grow and scale their portfolios, I have my own modest investment portfolio and have two development projects going at the moment.

Pick solid operators and solid asset classes.We syndicate self-storage projects.

I have a close associate with a large project there and the local banks have turned off the spick-et on funding his developments and these are very large multi thousand acre deals.

Purchase price: $205,000 Cash invested: $350,000 Our first project together.

So really to have a higher chance at success you should have both money to put in the deal to lower your leverage AND money on the sideline to cover those potential cap ex projects.