Although my cost of capital was cheap (2.5% 30yr fixed), the increased STR supply resulted in a more hands-on approach by me (better marketing, improving the quality of my check-in hose, services, etc) and this wasn't turning out to be as 'passive' as I would have liked (I've been managing my own LTRs for close to a decade, so perhaps I'm spoiled).

My question is: how do I start with little personal capital?

@Aspen LenzenI live in Orlando, the 'capital' for STR's.

Quote from @Chris Seveney: @James Carlson Very obvious - paragraphs with headings and then a “in conclusion” statement at the end Or they capitalize the word "Real Estate" in every mention!

As mentioned this means the property can support itself and wont put me in a situation where I can cover debt, operating expenses or capital expenses.Annualized Return if Sold at the Five-Year Mark:This metric offers a comprehensive view of investment performance, blending both cash flow and equity.

As a real estate investor, understanding both the Debt Service Coverage Ratio (DSCR) and Capitalization Rate (Cap Rate) is crucial because they serve different purposes in evaluating and financing investment properties.

All it takes is building a staffing of about 50, and raising "Cardone" level capital..... 

First capital outlay is long before any income. 

Hi Jane,When you replace a roof, it typically counts as a capital expenditure (CapEx), which means it must be depreciated over time rather than deducted in full in the year you incur the expense.

Also, Lone Star Capital has a model that you can download for free (https://www.lscre.com/resource/underwriting-model).