I have two: one is my primary residence that I also use as an STR, and the other is a leased rental property that I manage remotely.Since I'm out of town, I'm finding it challenging to manage things like finding a reliable handyman and getting help with staging.

The challenge for a PMC is having the time to answer all your HUNDREDS of questions and handholding you as you learn, while still making money.

The power company supplied and installed the new meters (at no charge, at least not yet) and verified all the work around the 4 gang meter pan was done up to their standards.

If you have this debt and need money, you may not be preparing yourself for the challenges of being a landlord.

Over-budgeting is critical to ensure that renovations don’t eat into your profits.Market Fluctuations: If property values in your area do not appreciate as expected, or if you face a market downturn, the amount you can refinance for may be lower than anticipated.Financing Challenges: Securing financing for the initial purchase and rehab, as well as refinancing after the property is rehabbed, may be challenging, particularly if the property is located in an area with fluctuating values or if the rehab work doesn’t immediately improve the property’s appraised value.Tenant Risk: Rent collection and tenant management can be unpredictable.

Its been a wild ride though doing all this through massive inflation and supply chain issue and Covid..  

That usually creates a big supply of rentals on the market that it 's hard to be absorbed and create a race to the bottom in prices, as all the properties are pretty similar and in brand new condition. 

@Jay Hinrichs @Jonathan Greene @Nicholas L.you have all helped me to really consider what type of challenge / path I want to get into, and all this information is excellent.

@Hank Bank BRRRR is probably want you want to do.Buy, Renovate, Rent, Refi, Repeat.Before you go all in and either find out you don't like being a landlord or you make costly mistakes, start with just the next one.You'll have some challenges with tapping the equity in the townhouse:1) What loan amount can you qualify with your credit & income?

Housing supply is the other function, and my view as rates increase so does inventory in markets that are coming up to pre-pandemic levels and the inverse in the one's that are decreasing.