Plus, having a fully paid-off property could be a nice safety net if the STR market takes a hit or occupancy slows down.On the flip side, if you’re eager to grow, saving for another property could be the better play.

Measuring the input is the only metric that can be controlled.

One thing in real estate and probably most other businesses is that most people including me don't know how to measure and evaluate risks.  

Another cool thing about hard money lenders is they work like a safety net.

By recognizing the signs and implementing effective preventative measures, landlords and property managers can protect themselves from potential scams.

I'm not always opposed to some of these measures, but I am objectively looking at how this will affect investing decisions.I agree, the reclassification of vacation rentals to commercial property is the big issue I'm watching.

I don't think you are going to be able to get insurance for two separate living units in a single-family when they are both illegal and likely do not have the correct egress windows (basement) for fire safety which could subject you to huge liability if something happens to either party.

That's when it clicked for me - that cap rates are more just a measure of risk.

It is a safety issue. 

@Jake Baker Love the approach of measuring the total offers that you send, if you know your strategy most of the time it is a numbers game no matter the condition of the market.