Over-budgeting is critical to ensure that renovations don’t eat into your profits.Market Fluctuations: If property values in your area do not appreciate as expected, or if you face a market downturn, the amount you can refinance for may be lower than anticipated.Financing Challenges: Securing financing for the initial purchase and rehab, as well as refinancing after the property is rehabbed, may be challenging, particularly if the property is located in an area with fluctuating values or if the rehab work doesn’t immediately improve the property’s appraised value.Tenant Risk: Rent collection and tenant management can be unpredictable.

One of the things I love most about this community is that people are not afraid to challenge the status quo (ie. the smart thing to do is contribute to your 401k).

@Hank Bank BRRRR is probably want you want to do.Buy, Renovate, Rent, Refi, Repeat.Before you go all in and either find out you don't like being a landlord or you make costly mistakes, start with just the next one.You'll have some challenges with tapping the equity in the townhouse:1) What loan amount can you qualify with your credit & income?

Covid was challenging for my rentals that historically had college kids as tenants.

Agreed mate,I'm all about taking personal responsibility and I have been swindled many times in a similar fashion like many feel on this thread.It seems like these investors including myself in other instances get negligent and don't read between the lines.Especially after trust and a relationship have been established, we become gullible and don't second guess or question.Maybe it's greed for some but in my instance it wasn't.Just innocent and trusting stupidity (No, I'm never a victim as that is ******** mentality in my book).I had some spare $$$ and wanted to diversify in other assets through folks I considered friends and trustworthy business partners.Didn't even think twice to look things over.Looking back, it all makes sense now but it's easy being a general after the battle heheI only blame myself here...I mentioned in the thread further above that I lost to the tune of hundreds of thousands of dollars.Again, it is what it is and it's a lesson.Only myself to blame and have always taken the high road in such instances.As much as I'd like to fight for justice and go down the legal path, it just isn't worth the time and emotion.Upwards and onwards.Become better and make more than you have lost.Each to their own and that's just my personal "modus operandi"

I'm curious to connect with any other STR/ MTR owners in that area to get more info on resources that are in the area and what challenges/ successes you have had there. 

One thing that is really challenging about this market is the huge number of agents and groups that are here.Thanks again!

@Michael Challenger I scraped all the cash I could find and borrowed from family.

Large apartment complexes flooded the market with inventory and are offering crazy incentives and amenities that crush the small landlord which can make finding a tenant challenging and often for less than market rent. 

Experience is another thing - it shapes and challenges the knowledge you acquired and you always find yourself wanting of knowledge because each day is a new day with different challenges and demands as is each deal.