I have a "friend" that has an apartment unit that consistently has bad tenants.

We rent out one of the bedrooms to a friend and currently have a 7% interest rate (cash flow is still very much negative!). 

If you find something, go hard money and then spend the next few months re-leveraging the existing debt.You can have your cake and eat it too, just be patient my friend. 

Quote from @Dave Hart: Fair warning BP friends.

We see when it's a group of friends they usually keep each other accountable with paying rent, but we get their parents information in case it's needed. 

If you have a property (SFH multi-family, apt, condo, etc) and you are open to/interested in owning it with others (friends, family, other investors) I wanna help you make it happen. 

I posted a while back asking if it was worth it or not and after BP community responses, research and friends that live in the surrounding area we finally did it.

Glad to join the site here and looking to connect with people in regards to networking, working on business and any questions concerns people may have. If I can be of benefit to you in any way don't hesitate to reach ...

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

I have a friend who’s an attorney and had over 25 rentals at one point.