We'd have to cash-flow $1,300/mo over that period to make that much, which isn't happening.This is all to say that if you are in a market that has good long-term appreciation potential, then whatever rental model you choose is simply a way to make a little money while you hold the property for larger long-term gains.I'll let others chime in on your specific area.

As I buy with a very long hold period, I believe my Austin properties will outlast me(yes, given to my kids).  

Which is more cost effective/efficient. 

We sign an agreement that commits their non-refundable payment for a brief period (usually 5 days), during which time I call landlords and employers, and dig online.

. - not recommended if you flip properties: no correct as in you are not even allowed to depreciate flipCost segregation accelerates depreciation by breaking down a property into components with shorter depreciation periods, significantly reducing taxable income in the early years.

We also went to an auction so we could learn the ins and outs and know how to be able to buy and be able to get the funding from his company within the 72-hour time period auctions sometimes give you to pay.

For 10 years, every arriving party in my STR finds 1) a fresh bowl of fruit, 2) a local city magazine and a weekly periodical and 3) 2 bottles of wine (1 white, 1 red, 1st bottle is complimentary, envelope to pay for 2nd bottle).No great expense, but "wows" the guests every time. 

You have given the tenant many of your rights as an owner BUT only for a specific time period whereas a deed transfers rights permanently.  

I had to write 18 checks and fill out 18 single page forms (local government efficiency at its finest) yesterday to catch up. 

What contingencies were included in your purchase and were you within those contingency periods?