My friend wants to include me in on this so we can both achieve financial freedom together.The plan currently is to take out a personal loan together for the $20,000, put in $5,000-10,000 worth of work into the property to make it livable as soon as possible, move into the property ourselves so we don't have to pay rent anymore, and then refinance as soon as possible.

On the other hand, BRRRRs will cash flow slightly.I personally think that the farm purchase is more of an emotional decision for me and I am leaning towards not going forward so I can invest in BRRRRs which helps me achieve my goals more quickly. 

@Damion Brown You can definitely do a nice project in this budget and achieve $1600-$1900 rent.

They're experienced personal finance people and they have it all on 0% interest balance-transfer cards.

I believe my investors will not be able to achieve this in the first 5-10 years of investing.

Ensure the property manager is meeting your standards and expectations.Secondary question: Old Listings:Established Reviews: Old listings have a history of reviews, which can attract more bookings and build trust with potential guests.SEO Benefits: Established listings may rank higher in search results on OTAs.Brand-New Listings:Flexibility: New listings can be optimized from scratch based on current best practices and market trends.Promotions: OTAs often give new listings a visibility boost to help them get initial bookings.It's essential to balance the benefits of a property manager handling OTA listings with the need to retain control and flexibility over your property.

We calculate rent plus all debt payments as a percentage of gross monthlyincome.Our underwriters strive to analyze and balance all the information above to determine the statistical likelihoodof a tenant paying their rent on time.ApprovalOnce an applicant is approved, we require a nonrefundable Holding Fee to make sure they are serious and don’tchange their minds.

Not sure the competition is any less and right now rents probably have not kept up with sales prices so are a bit out of balance. 

Here are some options and considerations:Loan Against Equity/ETFs:Margin Loans:Description: Margin loans allow you to borrow money using your investments (such as stocks or ETFs) as collateral.Pros:You retain ownership of your investments.Generally quick access to funds.Interest rates can be relatively low compared to other types of loans.Cons:Your investments are used as collateral, so if their value declines significantly, you may face a margin call (requiring additional funds or securities).Interest rates can vary and may be higher than traditional loans depending on the lender and your creditworthiness.Securities-Based Line of Credit (SBLOC):Description: Similar to margin loans, SBLOCs use your securities (stocks, ETFs) as collateral, but they typically provide more flexibility and may not trigger margin calls as easily.Pros:Allows for ongoing access to funds as long as your collateral remains sufficient.Interest rates may be competitive.Cons:Similar risks of potential margin calls if the value of your securities drops significantly.Terms and interest rates can vary widely among lenders.Comparison with 401(k) Loans:401(k) Loans:Description: Borrowing from your 401(k) allows you to access funds without selling investments, using your retirement savings as collateral.Pros:Typically low interest rates.No credit check required.Interest paid on the loan goes back into your 401(k) account.Cons:Usually capped at a percentage of your vested balance (commonly up to 50% or $50,000).If you leave your job, the loan may need to be repaid immediately or could be considered a taxable distribution.Potential opportunity cost of missing out on market gains if funds are withdrawn from investments.Other Alternatives:Home Equity Line of Credit (HELOC):Description: If you own a home with equity, a HELOC allows you to borrow against that equity at typically lower interest rates than unsecured loans.Pros:Lower interest rates compared to other types of loans.Interest may be tax-deductible if used for home improvements (consult a tax advisor).Cons:Your home serves as collateral, so failure to repay could result in foreclosure.Personal Loans:Description: Unsecured personal loans can be used for various purposes, including investing, but typically have higher interest rates than loans secured by collateral.Pros:No collateral required.Funds can be used for any purpose.Cons:Higher interest rates and stricter eligibility criteria based on creditworthiness.I am a loan officer and we do some of the loans stated above.

It's fantastic that you have clear long-term goals to build your real estate empire and achieve financial independence.Wishing you a successful and fulfilling real estate journey!