., avoids intense bidding wars common w/ turn-key properties), experience gained doing my first reno (I've got the time to manage the process), forced equity, being able to reverse engineer exactly what I know guests want (boosting my ADR), etc.Cons: given where the market is I likely won't acquire a property that fits my criteria cheap enough upfront to effectively BRRRR (i.e., won't get my reno money out immediately) - so this essentially adds to my initial out-of-pocket investment and reduces the remaining capital I have to invest in addl properties. 

If you've got more important things in your life, just sell it (or rent it out and decide later).FWIW, on larger lots (like yours), and assuming it's in the urban part of the City, we've been further developing stuff like this rather than just flipping them - much more capital intensive, but also much higher potential profits.  

... except ceramic or porcelain tile.I've been researching what to replace the remaining bedroom carpet with, and I've been looking for an alternative to labor-intensive ceramic tile.This property has a concrete slab.The most common complaints I have seen for luxury vinyl plank are splitting seams.

Then start saving towards that goal.REI is a get rich slowly type of industry, because it is typically very cash intensive.2) Uncertainties are just fear of the unknown.

They are labor intensive, just like a motel, but without the laundry details.

I see only 5% CAP in german market, sometimes I found better CAP´s but not in bigger towns, germany is too price intensive actual.Now in german:Sie werden "Immobilien Clubs" in größeren Stadten finden, wie Berlin, Nürnberg etc..

The work is labour intensive and consumes a lot of material.

Of course, we know the first investment in any niche is always a bit nerve wracking, especially if its out-of-state - you're putting down a lot of money and entrusting people across the country to turn it into more money over the course of several years, and we know that's ..... a bit intense.

There was a story recently where a homeowner removed something in his back yard to make a basketball court, got caught and had to put it all back the way it originally was.

This was labor intensive to say the least, but has paid big dividends as we have a nice little portfolio of 5 homes now and some pretty good equity.