Buyers and sellers should consider some amount of closing money be held in escrow after closing to cover potential problems with the non-responding tenants.Does anybody have any experiences to share with successful use of a Tenant Estoppel Letter, or times they wish they'd know about this tool before entering a Purchase and Sale Agreement?

A second STR in a market with year-round cash flow potential might balance out your portfolio and give you more consistent income.

In terms of maintenance, they are generally safer because you are not responsible for the exterior and common areas and potential leaks, etc.

.- Managing Multiple Projects Simultaneously: Handling numerous properties at different renovation stages requires effective project tracking, milestone-based contractor payments, and solid contingency plans to navigate potential delays.- Technology & Automation: Utilizing project management software, such as Buildertrend or Monday.com, enables real-time tracking of budgets, schedules, and contractor communications.

In that case, you’re living for $2,000 a month—while building equity in the home, benefiting from potential appreciation, and taking advantage of valuable tax write-offs!

I ask because we only buy houses around the southern US (TX,OK,AR,TN) but we're curious to know if more opportunities to buy foreclosures could potentially exist in other markets. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Consider connecting with local REI meetups, hospitality groups, or even online forums like this one to find like-minded investors.You could also pitch your successful track record to potential equity partners.

For our second STR, we are currently researching Sherman, potentially / ideally, a less expensive duplex that we could rennovate and self manage from Dallas with workers coming to the area in mind. 

For southern states, you might want to look at smaller markets in Alabama, Mississippi, or parts of Tennessee and Arkansas where properties are still affordable and cash flow potential exists.