In Miami, we all know how people use rented cars, boats and houses to give themselves credibility.  5k for me is pocket change but I never like to spend money on a losing investment. 

I know you mentioned doing STR, but then you need to spend another $10k+ to get it furnished.

It's not only the money you'll lose, it's the time you spend (I figure worth $100 hr) and the mental anguish and stress.

Basically, flip partnerships suck unless you spend a long time being clear about the roles and payouts, etc.

Overall closing out 10 months with Pricelabs I think it is worth it, but I still spend about the same amount of time adjusting rates everyday (10 to 15 minutes for 9 properties).

I wouldn't spend one minute worrying about that violence. 

@Camille Romerounless you are able to spend some significant time in your chosen location in person, and work on building a network there, i would pick a market closer to NYC, within a couple hours.  

If you call that 10% of gross rents you will spend $116,000 a year on property management if you were earning $1,000/month/rental (about 1/3 of your gross profit on 97 rentals.)  

While it most probably WON’T withstand legal challenge, the borrower would have to spend money to litigate it.  

That is the decent (and courteous) thing to do, so that others won't spend time to write an answer, and so that others who search out an existing topic can see that answer.