– Considering Class A properties with established tenants• Less focus on appreciation – Prioritizing income stability over potential future gains Current Opportunity: I’m evaluating a retail property in downtown Portland with:• >80% occupancy, most tenants in place for 10+ years• Decent cap rate (6-7%), NNN lease• Well-maintained, high-quality building, with existing HOA which will take care of maintenance. 

Renting by the room can indeed increase profits, but it's important to consider the potential challenges.

I also choose QBI safe harbor to reduce audit risk.

Here’s a breakdown of my numbers:Primary Residence:Estimated Value: $340,000Remaining Mortgage: $187,000HELOC Balance: $76,000 (fully utilized)Remaining Equity: $77,000Rental Property #1:Estimated Value: $110,800Remaining Mortgage: $60,000Equity: $50,800Cash Flow: $375/monthRental Property #2:Estimated Value: $215,000Remaining Mortgage: $115,000Equity: $100,000Cash Flow: $350/monthOther Income:$1,500/monthMy DilemmaI'm considering taking out a Home Equity Loan (HEL) on my primary residence to:Pay off the HELOC (eliminating the variable rate risk).Use the remaining cash for a down payment on another rental property (~$150K purchase price with 20% down).Estimated cash flow: ~$150/month in year one.Alternatively, I could save up for the down payment instead of leveraging more debt.

I dont see how the risk would be reduced on second mortgage unless you are planning to hold the property in some type of llc.

You don’t just need a general admin—you need someone who understands tenant turnover, screening multiple tenants per unit, handling lease coordination, and managing communication between roommates (which can get messy fast).A solid VA for this model should be able to:Screen inquiries and prequalify tenants based on house rules.Manage listings on platforms like Facebook Marketplace, Zillow, and Roomster.Coordinate move-ins/move-outs and track leases for each tenant.Handle maintenance requests and keep an eye on potential conflicts between tenants.Chase rent payments if needed.If you’re thinking about hiring one, I’d focus on VAs with property management or co-living experience—not just someone who has worked in real estate generally.

DTI < 33%Some inconsistencies that I am discovering in the process- Some lenders requiring a hard-credit pull vs some ok pre-approving me with just a soft pull- Some lenders willing to share a loan estimate sheet with exact costs to close, vs some keep insisting that they "need to run the process to get the loan estimate" and that it can only be done after I get into contract.Just before going into a contract, I would like compare all of the pre-approvals and compare their rates, exact cost to close & potential time to close & then pick the best one to make the offer.Ideal scenario- Pre-approve based on a soft pull (so I don't get my credit score dinged every time I work with a new lender)- Share loan estimate sheet with pre-approval for a potential propertyAm I asking too much from the lenders?

However, I’m curious if anyone here has experience in the area or insights on the market’s long-term potential.

Consider connecting with local REI meetups, hospitality groups, or even online forums like this one to find like-minded investors.You could also pitch your successful track record to potential equity partners.

I found a property thru a realtor and as per airDNA it has good potential, but needs good amount of touch up.