In a bear market, it’s essential to buy well below market value and stick to high-demand features buyers are prioritizing.High Inflation: During periods of high inflation, the cost of materials and labor often increases, cutting into profit margins.

@Nicole CotrinoKey factors: Do you materially participate in managing the property?

If there's a material issue with the property, it's not going away if you cancel your agreement, they'll have to deal with it for the next buyer, too. 

Estimating material costs is easier but the labor is tough.

Can a long-distance investor be considered materially participating in their STR property?  

Any reputable contractor has material accounts everywhere and doesn't expect to be paid for labor S/he hasn't yet performed. 

External is usually where they want to approve the color of the house, types of materials, roofing, landscaping, driveway condition, etc.

Do you have credit cards with places like Lowes and Home Depot that you can use to buy materials now and not need to pay off for maybe 90 days?

You can avoid alot of issues by sending out an email for example if you have a materials delivered and the guy is temporarily blocking the driveway or taking up a space.

I know the book was published 5 years ago and the associated materials may be a bit outdated with the inflation that has taken place in the last 5 years.