Plus most of your wealth will come from appreciation and that home is obviously not appreciating. 

I would suggest looking into your local market first obviously you need to find out STR restrictions or permit needed.

With the lower LTVs offered by senior lenders these days, it may be tempting to look at preferred equity and it may make sense since technically it is cheaper than LP equity, but also keep in mind they have a higher liquidation preference (obviously) but will often want all the cashflow (or a majority of it) to come to them before the LP investors and will also want large reserves, so make sure you model out the cashflows and understand the end-to-end deal with the preferred equity investors.We have some institutional investors with whom we did a combination of a pref and JV deal and it worked quite well for everyone including them and the LP investors.

We once had a tenant who left their totaled and unregistered car at our property, and they would not move it. 

The pitfalls are obviously bad neighborhoods (easy to gauge talking to brokers or running crime maps) and also find the right property manager depending on the size and class of the property. 

Oil Refining Capacity transfers through the Port of Mobile, which ranks the port as 10th in the U.S. for imports and total foreign trade, with a $10 billion impact on the local economy.- Walmart has just opened up a brand new distribution center consisting of 2.6 million square feet, and provides more than 750 new jobs.Economic Information -The City of Mobile has seen extensive revitalization and tremendous economic growth:Business/Corporate Sector- Construction of a new Airbus jet assembly line at the Mobile Aeroplex at Brookley should move forward rapidly during the coming year.

The law was written specifically to close this otherwise obvious loophole. 

Ideally I'm looking for turnkey properties or properties that need some work which totals out at or under $100,000.Please don't hesitate to tag me on replies or message me directly -- thanks in advance!

The situation has evolved to my Dad just wanting to be totally done, ie. ownership would transfer to my sister and I. 

She quoted me $3000 for my new building and said the company has a total monopoly in our market but is still cheaper than everyone else.