I would retort that one can deliver both low price and high quality to real estate brokerage.

In general, the booking lead time has been the lowest in years though (used to average around 40-45 days now its about 25-30 days) but our occpuancy rates are still as high as ever. 

Aside from that the biggest value add areas I see are as follows: Kitchens, Bathrooms, decks/patios (if added), additional rooms/bathsKitchens and bathrooms tend to be the go-to, but all of those can help you get the most bang for your buck. just keep in mind that if the area is already of high quality, then it may not be the best area to spend the money vs something that is blaringly in need of an update.

Build an SMB on top of your real estate (the reverse of #2)Short-term rentals and high owner-participation real estate businesses can have great returns.Obviously not for you if you just want passive RE.We are in the deep end here, where each case should be judged on its own facts and merits by your CPA.You should hire a professional to review your particular situation before you make an investment.

There is a range of DSCR lender underwriting policies for "1st time investors" - some don't allow it, some do with no restrictions, and some in the middle (typically cut max LTV by 5% or so and restrict against anything over 4 units)Also - check out these BiggerPockets articles for a ton of info about DSCR loans:DSCR Loans: What Are They And How To Get The Best Termshttps://www.biggerpockets.com/...DSCR Loans: How To Use Pro Strategies To Save More And Make Morehttps://www.biggerpockets.com/...Multifamily DSCR Loans: A New High-Impact Loan Option For Real Estate Investors?

Quote from @Heidi Fischer: HelloI’m a high W2 earner and have been looking for a STR and finally went into contract but can’t close until mid-end of December 2024.

Your insurance is going to be highly variable and I wouldn't use what an agent or the seller tells you as the cost of dwelling policies have increased substantially over the past few years due to rising new construction costs. 

There are plenty of sponsors that projected high-teens returns five years ago and delivered in the forties three years later. 

I have mine really nicely furnished with good quality furniture and high end finishes (quartz, stainless steel appliances). 

If risks feel too high, consider waiting until your live-in flip is complete and your position is stronger.This post does not create a CPA-Client relationship.