The inability to turn over a unit if cleaner is not available on one dayThe insurance/liability aspect (all insurance companies asking if I will be doing STRs) When electronic deadbolts dying before guests show up etcReplacing damaged furniture during turnover (who do you compensate to handle that?)

Regarding the compounded return, the IRR does assume cash flows (if any) are reinvested at the same rate of return as the project itself, so this aspect is also included in the calculation (and that's why people use MIRR if they want to adjust this reinvestment rate)Again, thanks for your answer!

If you don't know what that is, you might not have clearly defined your own goals yet. 

So how should they define "a decent 3/2 house" if they have no reference or experience with the area?

It also salvages various aspects of prior building codes versus a new build. 

You have to understand a lot of different aspects to really make money in this business.

(a) A tenant to a residential lease may terminate a lease agreement in the manner provided in this section without penalty or liability, if the tenant or another authorized occupant fears imminent violence after being subjected to:(1) domestic abuse, as that term is defined under section 518B.01, subdivision 2;(2) criminal sexual conduct under sections 609.342 to 609.3451; or(3) stalking, as that term is defined under section 609.749, subdivision 1.

Don't make the mistake of thinking that flipping a house is all about the mechanical aspect- it's as much about the logistics, people management, design, and marketing.   

Attend your local REIA, use bigger pockets to network, and utilize some of your spare time to educate yourself on all aspects of real estate and how the monetary system works.

The 31 chapters of Proverbs, KJV or Amplified(Amplified is very easy to read not so old-timey), even without the aspect of religion the insights gained for business and life in general from Proverbs is profound.