If that doesn't pan out and I'm still alive, my plan C is to pivot to a fix & let, meaning I'll rent out the property for 6–12 months (on a monthly basis due to local regulations), and then re-release it to the market and try again.

Hi BP, Can anyone recommend a good GC for full gut or rehabs, with knowledge of city permits and regulations?

. - again, I have to note that I don't know all the Utah regulations.

Each STR property I acquire must meet two financial benchmarks: a gross rent multiplier (GRM) of 5 or less [Property value divided by projected income must equal 5 of less], and compliance with the 1% rule as LTR, which serves as a backup if regulations shift or if there's a decline in STR income.

In most states (or all) hard money lenders won't lend on owner occupied properties because they fall under far more strict regulations.

This is more common on the commercial/private money side since there are no regulations. 

It does run into the plain language of the Treasury Regulations 1.469-1 which contains this definition:Period of customer use.

Get to know the­ local rules - landlord-tenant laws, zoning regulations, taxe­s, insurance, and property manageme­nt duties in your area.

It's essential to familiarize yourself with the local landlord-tenant laws and work with a reputable property management company to ensure smooth operations.Short-Term Rental Laws: Philadelphia has regulations on short-term rentals, but it is still possible to operate Airbnb and similar platforms within the legal framework.

Oh one more tip, ask specific questions, like who is going to not say “yeah im great with communication” , be wary of this trap too because you want the PMs to focus on doing their jobs rather than answering 20 emails from each investor each week, time is our most valuable resource please don’t take up too much of it, when you say “yes” to something you are also saying “no” to something else (opportunity costs)Questions to ask:- what is the eviction process like after COVID 19 in your city (ask for details and differences beforehand)- what are the city rental regulations, what is the process to obtain a rental license, how would you rate this city compared to surrounding cities on difficulty with this process and working with landlords- how do you handle late fees and payment plans, if a tenant calls and says they’re going to be 5-9 days late but have been on time for 6 months what is your response- if multis - how do you handle tenant conflicts- why do they work in property management and how did they get there- if you could invest in any city in the state where would you and why (I love this question because it will tell you if they know where the most profitable areas are for investors and ROIs and hidden costs)- how is water/water bills handled in this city