We decided to give it a go, and since the biggest pain in the butt of a refi is all the paperwork, we decided to do 4 houses at once since the paperwork would be the same for 4 as for 1.1st one. 

So if the average is 95% I’d underwrite to 93%-94% (physical...economic is another story entirely).As to your second question—resident profile changes are a painful process.

I focus on buy and hold long term rentals, but I've explored the airbnb model for several of our properties, and I'm a (painfully) frequent user....my input is limited, but here goes: - if I were you, my first step would be to study up on the local ordinances around short term rentals.

However, my routine when I receive a reservation is to immediately update that spreadsheet which makes it less painful than entering them all at one time.Mike

At the end of the day, it's up to you, but finding a good landlord and moving is a pain in the a . . .! 

Yes, there are some growing pains due to the incredible growth, but those go away pretty quickly because of the outstanding leadership.I'm not sure about turnover rates.

Hello All, I am currently going through growing pains in my knowledge of investing in real estate, for the past 12+ years i have bought 7 properties as primary residences when i would switch duty stations along my career.

can be a pain, especially if you have the french door fridges!

@Ben Kirchner I feel your pain with home warranty companies!

It's a pain but it is another set of eyes on the building progress.