The key is really focusing on the right neighborhoods, knowing your numbers, and being patient for the right opportunities.As for the fix-and-flip market, the lower entry costs can definitely make it a great place to start, but you've got to be mindful of renovation budgets and timelines.

Buy the worst house in a great neighborhood and fix up.  

Reach out to individuals to determine the right fit, as the best mentor should balance support with decision-making.Good luck!

There is a story to every pocket of every neighborhood that locals will know, but you may not, if investing out of state or in a market you don't know.

Talk to some of the Realtors in the city and ask them to define where the neighborhoods are and which neighborhoods they think are best.

It’s also important to vet the tenant like you would any other to ensure they’re a good fit.

If she is always late with the rent she doesn't fit the definition of a good tenant.

Quote from @Donald Hatter: Pros:- Builders have many homes to sell at one time so it is easier to negotiate a better deal than with a home owner in the same neighborhood who is trying to sell their primary residence - Buyers bust out of deals all the time and builders don't like holding completed homes- Lower maintenance which leads to easier property management expenses.  

Ramsha - most of the regulation for a STR is controlled by the neighborhood HOA.

In February of 2022 we purchased a newly renovated 3 unit building in the South Austin neighborhood of Chicago.