A break even into a profit, and a profit into a windfall. 3- Capital - I used to state this as access to capital, back when the rules were loser, the regulations less onerous, and information less readily available.

Put in about ten grand and a summer's worth of weekends in sweat equity and the deal is very sweet.

The challenge was balancing the relationship between landlord/tenant and a personal/friendly relationship.

I'm in the same boat for reference- I bought into the "buy now, refi later" idea and am sitting on a 7.375% on my latest property acquisition and a commercial line of credit I have is at prime + 1 (so 8.5%).

.- Could take all current cash flow and a few thousand a year to pay off the property in 5-10 years.- Hold for a bit and 1031 into something else but am fairly confident there is not much appreciation to come on this property.

ALWAYS ensure the contractor walks the property with you or the realtor and a CLEAR scope of work is defined.

However, even though every house, market, and buyer may be different, these few design elements work literally anywhere.If you have double sinks, use double mirrors and a vanity light above each mirror!

Knowing your current state comps is a great place to start and a real estate agent can help pull those figures quickly. 

It sounds like you've got a solid foundation and a great game plan, especially with your background in North Padre and passion for fishing, which could really set your STR apart.

TDAs offer peace of mind and a safety net, while real estate provides growth potential, tax advantages, and wealth-building opportunities.