Our third partner, who has experience with smaller projects in Detroit, also finds this endeavor overwhelming.

Which market do you have experience in and how is your experience working remotely with your real estate team in the area?  

Does anyone have experience with banks that offer these without fees? 

Experience in the last 3 years: 9.

Consider starting small, like with a duplex, to get experience.

My goal is to start with rental arbitrage, build a solid property management team in the area, and then transition into acquiring properties for STR.Would love to hear from anyone who has experience in this market:- Is rental arbitrage feasible here?

Blanco,I have 30 plus years of experience in my previous career and would gladly answer any question you would ask me without the need for such condescending sarcasm.  

Every time you toss the coin, the experiment starts over. 50/50 every time.Not because you send out 3000 mailers does it mean you WILL make 1 deal.If you have a motivated (enough) seller in your list, sure, perhaps... but who told you that if you send 1000 mailers there is one motivated seller, in the mix, and if you send 10,000 mailers you have 10 motivated sellers in that list?

I manage around 400 rentals with 14 years of experience and have never been sued once.

I worked with one and that experience is the reason I now own my own PM company.