-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

My first STR, purchased in 2005, was negative cash flow for 4 years.

Also, you can possibly take equity out of your current properties instead of taking out a construction/hard money loans.Purchase and Rehab Financing:If you are doing simple purchase and rehab (not ground up), then it's not that hard to qualify and you just need to right broker/program.

In 2016, we returned to KC and purchased our primary home in Liberty using a Doctor’s loan.In 2020, we developed a strong interest in real estate investing.

If somebody sues the buyer, I want seller and tenant both stuck with the words in the Tenant Estoppel Letter, and not able to testify to anything different.The exact wording of the Tenant Estoppel Letter should be negotiated between buyer and seller as part of the Purchase Agreement negotiations.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

All of which, I’ve purchased within the last 4 years.

How big of property are you looking to purchase?

I recently purchased my home in October 2023 (before starting my real estate investing journey), so I don’t yet have access to any substantial equity.

Hello all,My team and I are looking to purchase property in Cape Coral/fort Meyers area.