I agree with Afra at that price point it's best to start with flips that have $15K - $30K rehab budget to gain some experience and get a good team in place and then work your way up to larger rehabs with higher ARVs!

I will say however, that there may be an indirect benefit to not APPEARING to hold many valuable assets.  

The key is going to be showing the long term gains, since they won't see any returns for 1-2 years. 

I get the tax benefit of rentals and more liquidity of lending.

Rebooking directly with you outside of Vrbo is an offline booking and will not be eligible for Vrbo protections and benefits for either you or the traveler."

Again, risk management related, not tax benefit related.

Gaining an understanding of the Zoning is vital to what can be built and essentially dictate how profitable the land can be.

The market appreciates 3% per year.If you pay cash for one house and rent it for $1,500, after five years, you'll have earned $90,000 in rent income and gained $34,000 in appreciation. 

Plus a contractor will ask for every single change that benefits them.

Quote from @Nate Marshall: Quote from @JD Martin: Quote from @Chris Seveney: @Jay HinrichsI 100% agree - but I would bet you a nickel that what many sponsors are doing right now has 0 benefit to the funds that are in trouble or right the ship - they are just trying to stay afloat and raise money so they can live their “lifestyle” for the next few years.To the contrary I think many know it’s a lost cause but do not want to admit it / make it public as it will crush their money raising efforts on their new funds.Maybe I am wrong but my gut tells me differently This is exactly what I suspect as well.