Hey Andrea, for STR you're definitely going to want to look into A/B class areas.

I’m in the same boat with working, investing, and juggling all this with raising 2.5 year old!

Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Each of these asset classes requires a deep understanding of market conditions, legal nuances, and financial structuring to avoid costly mistakes.For example, tax liens can seem like easy wins but come with complications such as redemption periods and legal challenges.

It’s a blessing (the reason you found real estate in the first place) and a curse (you probably get distracted easily on what asset class to focus on).

The equity pay down in many RE classes (residential, storage, hotel/motel, office space, industrial, etc) ispaidby the tenant.- there are ways to never pay tax on gains (1031, owe until death, etc)- cost segregation can in effect have RE acquired at no cost- sweat equity can produce additional return.  

But it can really help offset costs and pretty good return on investment at that value. 200k in philly puts you in Class C real estate at best, and you likely have to update it somehow. 

The only place this would appear to make sense is in Class D neighborhoods which could cash flow.You have rights to income but nothing else - sounds like an unsecured note at the end of the day.Chris you make good points.  

A lot of classes can be used in multiple states.

Maybe they've been burned by landlords in the past and are being very careful.You can legally reject them based on personality, facial tattoos, body odor, or other factors, but you better make sure you can prove that it wasn't based on any protected class like race, religion, familial status, etc.