-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If $100-$120 aligns with similar properties, then it’s a fair rate—especially considering the size of the home and the work involved.

Do you understand the added complexity, work involved, and costs? 

These days most PMs don’t involve their clients in Tennant selection.They’ll get photos taken. 

I am guessing a few will say to have my lawyer do it, but the other LLC was so seamless that it seemed superfluous to have someone get involved. 

Too bad you can't buy something owner-occupied, put 5% down with the best interest rate, live in it for 12 months (and fix it up), rent it out and repeat the cycle.Here's some other info you might find useful:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

This involves working backward from the final aim to determine the steps.

There are so many moving parts involved in vacation rentals....more people, in and out of your property every week or few days...people on vacation like to party more, so drinking and running around doing dumb stuff.

Its great that you have saved some money and have a desire but investing involves a risk of loss.

We are chasing add value apartment complexes of 32 units or more, priced between 3.2M - 4.8M, purchasing all cash while using SOFR or Fannie as contingencies, targeting a 6-8% cap upon entry and want to operate sub 5% for stabilization.