There are pros and cons to long term and short term from a rental management side, and purchase/acquisition.Long term = lower vacancy, lower expenses, potentially lower revenueShort Term = higher vacancy, higher expenses, potential for higher revenue, financing is more expensive than long term rentalsWatch out for local STR regulations, they vary from city to city.

My friend has a condo and the current price is still lower than when he bought years back.

We opted for the FHA so we could get into it with a lower down payment. 

If you’re okay saving separately, it may lower personal risk.

Older assets, and lower incomes. 

Thank you for your comment, yes I learned enough from BP not to take the existing tenant, knowing they pay rent lower than the market and currently not responsive at all.

The property prices are lower compared to other markets.If you'd like to learn more, I would be happy to have a quick chat with you and answer all of your questions! 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Vetting tenants is essentially the same as regular tenants, but expect lower credit scrores, bankruptcies, etc.  

Instead of refinancing immediately, you hold out for rates to drop, which many economists predict will happen as inflation cools and market conditions stabilize in the coming years.Refinance when rates drop, extracting capital while maintaining cash flow at a similar level due to the lower interest rate.Repeat the process by redeploying the refinanced capital into new investment opportunities.This version of the BRRRR method is more of a long-term play, as opposed to the quick 6-12 month cycles many of us were used to.