Regarding the $1,275 placement fee, I don't think that's too unusual but read your PM agreement and dispute it if it's not included therein, or if it is, challenge it since it took them so long to place a tenant.  

The regulatory environment is also a key factor for me as a first-time investor. 

Going off that, if I were to choose a suburban market, doing CMAs and underwriting deals seems like it'd be a challenge as there's less transaction volume.

One of the biggest challenges is understanding the different areas of the market and building the right team to handle your OOS investing without having to travel to your investments all the time. 3.

The shift in rate environment could also accelerate the luxury STR market as inventory is exceedingly low and jumbo rates have fallen precipitously. 

To do a clean BRRRR in today's interest rate and highly competitive environment is very difficult.

Stocks-  we are very uncomfortable with the economic environment.  

While still a challenge saving up the down payment it is closer to the realm of possibilities versus where we are at today.

Challenges?

Its much more challenging for single family investing so consider living in a two fam to make yourself more comfortable or just buy an investment and stay in your home.