Your clients should focus on properties with significant equity potential and work with experienced contractors to stay within budget and timeline—especially with borrowed funds on the line.Avoiding Bad Deals - Encourage them to work with experienced agents, contractors, or mentors and always run multiple scenarios, including worst-case outcomes, to stress-test their numbers.Reserves - Advise your clients to keep a reserve fund separate from their loan for emergencies, unexpected expenses, or delays.

However having developed many subdivisions myself I was able to work with my client ( who is a very experienced civil engineer that did projects in NYC) So determined that with the base zoning it was not a matter of if it was how many and how  long to get approved.this is probably one of the top 10 markets in the entire US for new builds you would not have Toll brothers there if it was not.  35 minutes or so West of Dulles and all the high tech in that area..

Residential conversions are costly, so working with an experienced architect and contractor specializing in adaptive reuse is critical.

I'm eager to learn from experienced investors and gain valuable insights into the world of STRs.

I definitely have some rose tinted glasses on and am drawn to the idea of 'lifestyle investing' hence why I am trying to get more realistic/experienced advice here.Kathryn and Jonathan, if I had to summarize your feedback;-If it seems so great, it will be competitive -If it is competitive, I am massively disadvantaged not being local/experienced in the market.

out of 100 HML maybe 5 do new builds.. and zero will do loans for someone with no experience so that is going to be the key if you have experience or not.. if not they then like to see an experienced GC on your team. 

On buy-and holds we usually replace all the plumbing with pex, no matter what, because galvanized has a life expectation of about 60 years, so I usually take the sooner than later approach.Stick with hard money, like Mach1 or or MKE hard money (Scott Lurie) as they will not leand on a deal that does not pencil out, so you have the added benefit of someone experienced looking over your numbers.

Are there any local meet ups or websites on where to find more people who have a moderate level of experience meaning they are  somewhat experienced but still looking to collaborate and network with more inexperienced investors like myself.

If things get tricky, consulting a local attorney experienced in landlord-tenant issues can help you handle the situation properly.

It's really important that you work with an experienced loan officer or broker, especially on a time sensitive purchase transaction.