@Paul Lucenti  "I don’t believe there can be a bad asset - if something is lining your pocket and you are establishing equity, that really cannot be bad.

Joint ventures entail utilizing your own money to buy properties with others.

Eliminate debt, establish a budget, and save.

Each persons ability to take advantage of opportunities and/or incentives will be unique.Overall you want the find the highest and best use of your cash that delivers the fastest return.If applicable to an owner occupant purchase, the best use of funds would be to accomplish getting down payment assistance, utilize a 203k or HomeStyle loan (to force the equity), and to house hack.

They must satisfy "material participation" test for their STRs to utilize the strategy.

If it's the difference between $1800 and $2200 but you have to cover utilities too, not worth it. 

See if those can be covered for utilities.7.  

The reason I ask is that knowing the fast movers of the area may help you choose your project.Lastly, what kind of renovation budget have you established, and is it an upfront budget, or will you be contributing to it over the time that you live in the property and renovate it? 

Renovated in 2023, annual gross rents $144k + utilities.

My basic underwriting making some standard assumptions on HOA expenses, 20% down, 7% interest rate, 30 year mortgage, utilities, supplies, and maintenance costs shows a loss of about $22k per year if you are self managing.