Do you have any friends, relatives, co-workers you like that would rent a room from you?

Just seems like with rates still high + taxes + no homestead relief + rising insurance, and needing a PM (I’m in Denton co) I’d need to really find a good deal to make it cash flow well.  

So, you need at least $500,000 in liquid assets to become a passive investor in your Co-investing club?

In the Bigger Pockets free book, "Real Estate Rewind", as one of the 11 co-authors I wrote about one such Tax Sale purchase and made money but not enough money to warrant the risk involved.

@Gregory Schwartz Believe California, Colorado, Illinois, Maryland, New Jersey, Rhode Island, and Virginia have similar laws.

Start as a co-host and work under a vacation rental management company in the area to learn the ropes.

I sold rights to strip it to a reclamation co., than sold the approved ready to go deal with plans to a builder who completed the redevelopment and made themselves a nice penny also.

The mortgage world also mostly runs on this model for smaller to midsize orgs.

A couple thoughts on your question:I tell our STR investors in Colorado that their main goal should be to set up the right way right out of the gate.

I had a non-performing loan once where a borrower would do a deed in lieu, but there was a deceased co-borrower, and my attorney required me to go through the foreclosure process to clear title.The borrower knows you’re foreclosing and does not contest the foreclosure and “turns over the keys” to the lender.