We learned how important it is to rebalance tests, which is something that is often missed but is essential for long-term success.

I don't understand how so many miss the most basic function of STR that it is Hospitality, and ignore the very simple, long founded and known principles of such.

Building a strong foundational knowledge base is essential, and you can achieve this by engaging with communities like ours here or by joining your local Real Estate Investors Associations (REIAs).

(Minus the small percent of the payments they’ve made that’s been considered capital gains.)My understanding is the 60 payments they make will be split up in to interest (regular taxes), capital gains (15% usually), and principle pay down (non-taxable.).

Because we were paying off loans in the 5% range, our cash flow per month actually went UP because the Principle & interest that went away exceeded the cash flow we lost from selling the property.  

What are the best essential resources?

Most real estate agencies have a in house photographer but if you ever joined one that didn't ... then you could essentially create secure revenue.Assuming you didn’t want to be an agent.. just an investor then it will save you money by not having to hire anyone to take photos especially for flips.

I think 25k to furnish, stage and stock with essentials (linens, towels, kitchen, etc.)

So, make sure you include all the essentials in the kitchen, laundry, bathroom, and of course amenities.

By reducing your basis through accumulated depreciation, you effectively increase the taxable gain when you sell the property.It's essential to keep accurate records of depreciation, as it can have a significant impact on your tax liability when you sell the property.