It seems proper capex reserve budgeting for cheaper SFRs will typically make up a larger percentage of rental payments which eats into cash flow, so I'm wondering what the real financial performance of these investments is for the folks who have invested whether you've realized a CapEx event already or are just planning for it. 

Had a water heater bust in one property, where it was in an unfinished crawlspace/partial basement, and they didn't realize it until they got their power bill.

What most fail to realize is the STR model is more of a business operation whereas a lender cares about the fundamentals of the real estate.

Looking back on these first two deals, the second one, the loser, was the more valuable one because it made me realize I knew just enough to be dangerous to myself. 

The idea of listing it on Airbnb and they will come is no longer a thing if you want to realize income potential.

Its like going out and spending a huge amount of money to put a golf simulator in your home and realize after a week, I really do not like golf. 

What they did not realize is that if you want to sell the property after purchasing you first need to perform a quiet action title to clear the title or else the previous owner could potentially come back and attempt to cloud title.

People don’t realize how affordable it is and it’s something so valuable to have.  

Quote from @Stacey Macias: Most people don't realize that California isn't just Norther California and Southern California.

You are just having them spend money in an attempt to trade realized tax deferred liability into tax deferred liability.It depends on what they need/want.