The BRRRR strategy, which stands for Buy, Rehab, Rent, Refinance, Repeat, focuses on long-term investment, while the Fix & Flip approach involves purchasing, renovating, and selling properties for a profit.Investing in Airbnb rentals presents a distinct set of challenges, requiring active management and a thorough understanding of local regulations, but it also has the potential for higher returns.Here is a concise overview of the advantages and disadvantages of each method:Fix & Flip:Pros.- Potential for quick profits - Enhances property value - - Adaptable to market trendsCons.- High risk - Time-intensive - Requires substantial capitalBRRRR:Pros.- Builds long-term wealth - Generates rental income - Increases equityCons.- Complex process - Requires financing - Dependent on market conditionsAirbnb:Pros.- Potential for higher returns - Flexible pricing - Short-term commitmentCons.- Requires active management - Subject to regulatory risks - Income can vary seasonallyI wish you the best in your new venture.

Personally, I use pooled accounts: one for all rents and property expenses*, one for Security Deposits.

***BUT keep it ***B - Buy it F - Fix itLive - Primary Residence itLeave - Keep it, rent it out, and find a new primary residence What made you interested in investing in this type of deal?

I would definitely start off renting most units as LTR and slowly renovate and furnish units to do MTR, having a mix of both. 

My partner and I keep an excel spreadsheet of rent, our purchases, utilities, taxes, insurance, and money spent on contractors.

These software's can run all kinds of reports and also help you with rent collection and accounting for vendors etc.

You can't charge extra pet rent or even a pet deposit because it's legally not considered a pet.

location location location  Wow. 

With a 9-5 job too busy to catch a breather, being that it will be my first rental property would you recommend finding a property management company to oversee the investment property OR create a profile on a property management platform, I am thinking about Avail unless there is a better platform, to collect rent and hire specialist as issues arise from tenants?

You would basically offer the same set up utilities but you would have a residual income monthly by renting the plot to the owners of the space.