If you are going to be doing the rehab work in exchange for equity then that value needs to be determined up front with a specific timeline that you have to adhere to in order to earn your equity.

The 15% tax hit is a one time expense, versus 4.3% is annual interest.

@Frank FloresInvesting in delinquent tax sales in Houston can be profitable, but it comes with risks.

The patent on the 30 year with taxes and insurance was 3900 or so.   

Taxes have to be paid, so does insurance, what about maintenance? 

Do you not have taxes?

And, not confident of the earnings/industry in the area to feel good about LTR. 

As more people placed more properties in STR inventory, and as more municipalities taxed and regulated the industry, the profitability of the overall industry has reverted to a much more aligned (lower) risk adjusted return.  

What do I do differently to "earn my fee"? 

Rules vary significantly, and you need to be aware of licensing, taxes, and any restrictions.Local Market: Analyze the STR market in your target area.