This tells me two things: Obtaining a variance will be more difficult because there are already policy considerations in place intended to reduce density & (2) There is clearly an over supply of rental units in this area otherwise the overlay would not exist. 

In many cases, it takes a few years to really start seeing any appreciable cash flow, but it is the relationships we make, the learning and overcoming challenges and obstacles every day that is the true rewards in this business.

I probably won't supply a mini-split but a portable heater is probably necessary.

With $50K—$100K, you could fund a rehab and refinance to free up most of your equity for the next deal.Cons: BRRRR often requires more hands-on involvement, especially managing contractors and timelines, which could be challenging with your demanding job and family obligations.

But if do a BRRRR from far away that's risky too, without a really good and trustworthy team in place and lots of checks and balances (security cameras, someone local to check on your property) and the ARV and refinance aspect can be challenging.  

Consider how your property would do as a LTR and underwrite those numbers (worst, middle and best case).I am very happy with my investment but it has been a lot of work and many challenges managing it from California.

I think the most important part is a willingness to learn and succeed plus just knowing your goals and pushing forward towards them.Each market has its challenges and PDX area is no different. 

However, if you’re just a W-2 with no STRs or REPs, it’s going to be challenging to reduce that tax via real estate. 

And tons of people are getting into this business and drive the price down (simple supply vs demand curve).

Challenges?