Due to the high interest rate, it is hard to make the strategy work -- the rent to price ratio needs to be very high (1.5%) to make positive cash flow.

The allowed rent amount should be pegged to market rent, so it would only be way off if your unit is a way different quality or neighborhood compared to average. 

I really am a fan of RISD because it is high quality across DFW in general even relative to the big names in Collin county.

Never pay for work that hasn’t been done.3.Verify Work Regularly: Have an objective third party inspect the quality of the work weekly and provide updates.

Build an SMB on top of your real estate (the reverse of #2)Short-term rentals and high owner-participation real estate businesses can have great returns.Obviously not for you if you just want passive RE.We are in the deep end here, where each case should be judged on its own facts and merits by your CPA.You should hire a professional to review your particular situation before you make an investment.

If you are using local banks, there is a high chance it won't connect.

Depending on the volume you would be submitting, find a company that does not have high monthly minimums and can walk you through the process if this is your first time using.

Quote from @Heidi Fischer: HelloI’m a high W2 earner and have been looking for a STR and finally went into contract but can’t close until mid-end of December 2024.

Your insurance is going to be highly variable and I wouldn't use what an agent or the seller tells you as the cost of dwelling policies have increased substantially over the past few years due to rising new construction costs. 

I charge a really high fee and require the tenant to carry bite insurance.Inspections are done on a schedule and always recorded with pictures and/or video.