I faced numerous hurdles and stressful moments, but I persevered and built a successful approach.To tackle this challenge, I recommend starting early by building relationships and seeking investors.

I recommend keeping your eyes open for medium multifamily properties.

@Sara Donohue I don't recommend buying land if there's not an actionable plan whereby the buyer can build.

For a more general philosophy on hospitality, especially if you are going into the higher end STR space I would recommend Four Seasons: The Story of a Business Philosophy by Isadore Sharp about the founding and development of the Four Seasons brand. 

We cannot provide tax advice or recommendations.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Do you have recommendations on how to find lenders who are willing to work with first-time investors on rehab projects?

I recommend that you engage with a real estate accountant to ensure you set everything up properly. 

Hi Evan,I would recommend annual rent increases that align with cost of living - assuming you are currently at or near market.Residents typically expect a small increase and it's better to do it each year, rather than getting behind and having to do a large increase all at once.

I would not recommend going more than one full month behind.