Once you enclose the space and make it habitable you need to add mechanical and electrical components to the space.

Then with some friends I started our own monthly meeting group, which involved a dinner component (maybe it was all in our heads but something about breaking bread forges more of a bond between people).

Self managing rental property, especially STR adds a BUSINESS component to your investment.  

As others have mentioned, having a skilled and trusted team in place is critical in making this work, and I would be happy to provide recommendations for each operating component for the Fort Myers area.

Your vacancy and management expenses- which are two significant components of the 50% rule- can be a lot lower in Provo than many other markets in the country which is a prime example of why the 50% rule cannot be extrapolated the same to all markets.2) Minor tech boom.  

I have had several rental units over the years, and am somewhat experienced in that component of RE investing.  

In that case, demand for your investment offering is high and you can offer less to get someone to invest because you have plenty of investors to choose from.The final component is relationships.

That's who you're competing with in today's frothy market because bubbles make everyone act stupidly.Another way to protect yourself is buy a building with some value-add component, borrow 10 year fixed rate money with 25 year amortization and 70% LTV.

If you will be living at this place there is an emotional component which might justify you going higher in price to win the property.If this is an investment for long term buy and hold for rent income then it is less emotional and more about dollars and sense.Another factor is velocity of deal flow in your area.

Yes you should know the proper ways to install building components.