(GRAIN of SALT ALERT: I have not transitioned from the residential to commercial side; I am simply sharing what I have heard countless times on podcasts/YouTube).  

I flipped it for 2x what I bought it for and with dealing with all the stupid people, I was more than happy to offload it.I don't think people who are trying to get into the STR game realize just how stupid people can be.

Obviously, it's much more than that, but these equations and formulas already exist, and have been used by countless others to evaluate deals... so there's no need to reinvent the wheel, simply to learn the approach that works and continue with it until you understand it on a deeper level.

Countless more headaches that are too numerous to mention.In addition to the above being a pain in the neck, here are the ways I believe the tenant has defaulted on their lease. 

I have read countless books and watched tons of videos on real estate investing and I am ready to jump in to the business.

The reason being: a mentor who actually knows you and your circumstances can provide feedback that's far more personalized than what you'll get from podcasts, books, etc.When I was first starting out, my main "mentor" was my agent--who has a TON of experience buying, selling, rehabbing, maintaining and managing properties. ...back before I had any experience of my own, he was an incredibly valuable resource who helped me navigate some pretty complex problems that podcasts, books, etc. don't address...real estate is a complex business, and every time I think I've seen it all, I encounter a new problem/challenge that just isn't fully addressed in books/podcasts etc.I didn't pay my agent directly for his mentorship, but he realized I was a serious customer (especially after I bought my third property with him), and so he was willing to provide a lot of guidance because he knew his time would be paid for the next time I bought another property...today, I'm his best client, and we regularly have multi-hour long discussions about countless issues/challenges/problems we encounter in REI.So no, I wouldn't suggest paying $10k for a guru, but I WOULD suggest surrounding yourself by highly experienced, highly competent people, and figuring out a way for you to bring value to those people so that they're incentivized to bring value to you! 

You'll find countless stories here on BP of turnkey ops that sound amazing, even have podcasts and a loyal following, but require huge waiting lists just to schedule a call, only accept cash payments, have operations that pale in comparison to their ads when investors actually visit or, amazingly, don't even have offices in the markets in which they purport to be experts.

I put in 8 hours per day driving for dollars, door knocking and making countless calls.Firstly it was difficult finding properties with equity.

@Joshua D.I have no rental properties but have seen countless posts here of people who pass as many utility costs as they can to their tenants.

After a lot of efforts and countless LOIs, we are also in due diligence for a smaller but good looking 101 unit deal.