You can then GC the project yourself and let them help be eyes and ears and offer you the speed to get the projects done on time.As for financing, I had great success using a commercial loan product with a small community bank.

Just make sure to check their credentials and experience, and find someone who can explain things in simple terms.Also, keep an eye out for any red flags, like promises of huge refunds without a thorough review or pressure to pay a percentage of your refund.

You have to have eyes on your project every day to stay up-to-date and worst case, weekly.

You have to keep your eye on the total market cap and compare that to news that is being announced in real time, it can be exhausting.

In my experience, cash flow is key, especially for long-term holds, so running a detailed DSCR (Debt Service Coverage Ratio) analysis might be a good step here.On the flip side, if you're eyeing faster returns, a flip might be more lucrative.

I'll keep an eye out

Personally, I wouldn't spend money on an attorney because 1) I think the covenants/restrictions can sensibly be used against STRs and 2) because the HOA potentially has deep pockets if the officers decide to fight because they can pass the cost of the fight to the home owners.I would reach out to the officers to get their sentiments and to plead my case, and I would start building my case with the other homeowners. 

So just go in eyes wide open that it is a risky sector right now.

The Real Estate business in general can be learned by meeting and having a local 'mentor' walk you through things...classes, seminars, and the like are great "motivators" and open your eyes to new ways to do things, give you energy and connect you to others in the space.

Purchase price: $1,000,000 Ravine ApartmentsWe purchased, Silvertree Apartments in 2022 which was a run down 20% occupied apartment complex that was an eye sore for the city of Silverton (suburb of Cincinnati).