It had some deferred maintenance and I put a new roof on and fixed a few things.

The excitement then went through the roof and the owner wanted to do three or four at the same time and the next thing you know the whole ship went down in bankrupt.Just something to think about. 

These include accidents (I recently had 2 units destroyed by fire), natural disasters (I have had two units each hit by 2 hurricanes), property management turn over (they sell or stop being as good, I have experienced both), or turn over of team (I am turning over at handyman and I suspect plumber), or just wear n tear of property (slab leak in poor location, sewer pipes rotted out (one unit this month), roof, foundation issue, etc.).  

During your initial walkthrough, inspect the property for any major issues such as structural damage, roofing problems, plumbing, and electrical concerns, while documenting all cosmetic and functional issues with detailed photos and notes.Once you confirm the property’s potential, finalize your ARV and calculate the repair costs using either a reliable estimator or insights from contractors.

For example, on a recent project, Draw #1 covered the roof, demo, and trash-out.

Luckily I had war fund saved up for the HVACs, roofs and foundation repairs I needed.

You're going to need 15-20 duplexes that are considered good deals to get to that kind of profit.

Actually, I did attribute the coaching fees over 6 month period and thought it's fair for someone like me with no experience in STR at all to start off and have the resources, design, coach, mentor all under one roof to give it a good shot. 

One or two appliances or a new roof can wipe out years of cash flow. 

They may less sensitive to need upgrades/remodeling and avoid moving. 4) get a backup/lowball offer from opendoor, offerpad, etc etc.