Attend real estate meetups and networking events in your area to connect with potential lenders and other investors.

A second STR in a market with year-round cash flow potential might balance out your portfolio and give you more consistent income.

In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property.

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Just say no.I would almost never do this trade unless all my downside, including potential unknowns, were completely compensated for. 

NJ is a big one—places like Newark, Paterson, or even smaller towns have better cash flow potential.

However, I still struggle to understand the art of estimating rehab costs. 

Since you purchased your primary recently and in Houston, I personally am bearish on your appreciation potential.

Then you'll have to figure out how you fund the project (land purchase + build costs).

For residential multifamily properties (1 - 4 units), can you use a home warranty to take care of the repair costs associated with rentals?