@Preet Oberoi Purchasing a short-term rental (STR) or tiny home to offset W-2 income with depreciation can be effective if structured correctly.

If you can be highly disciplined the first few years, the compound effect will take over, and that’s when you make the real money.

Less Desirable Areas: Are there neighborhoods we should avoid or areas where BRRRR might be less effective?

I would assume a greater emphasis on quality of materials and workmanship (and consequently higher rehab cost) for a rental where the investor will have to deal with the longer term implications of any corners that were cut.

Cost per lead (CPL) is crucial—it shows how much you're paying to get a potential seller or buyer’s info, and you want this as low as possible without sacrificing quality.

Quote from @Will Greenlee: I would agree with @Drew Sygit every software has its kinks and this one along with all the other ones started somewhere.. 7-8 years ago Buildium was less effective than it is today, and now it is a lot better.

Any specific suggestions on how to tone down on a budget but still be effective?   

Having the contractor relationship in place to move quickly and provide a high quality renovation at a reasonable price.

Are there specific qualities or terms you look for that make the relationship a good fit for your investment strategy?

@Derick JenningsRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?