If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

Cost effectiveness? 

TIAHi Dawn, regarding your occupancy, with in effective dynamic pricing policy, you should still be able to beat the market while weeding out “bad” guests. 

Ineffective or Absent Conflict Resolution ProcessEvery successful group of people needs an effective conflict resolution process characterized by:simplicity to understand and remember;quickness to start and complete;a clear vocabulary.My company, Livingsmith uses and recommends the 5-on-5 Process for conflict resolution in co-living homes.2.

The cost effective way starting is partner with an established wholesaler and they provide people to reach out to or pay for lists and do cold calling/door knocking yourself. 

House Hacking, STRs, Mid-Terms, and BRRRR are all solid strategies to explore.

Other Strategies: Are there safer or more profitable alternatives I should consider? 

If you're looking at buying a rental or house hack in the Triangle, then you should consider short term rentals.  Why? because we have a strong demand for them and great str laws.The Triangle is visited year-round by ...

Does anyone have a recommendation of a national collection agency that is effective?

Feel free to reply here or DM me—I’d love to learn more about your investing strategies and see how we can help each other succeed.Wishing you all a successful and prosperous 2025!