Your first Multi with those savings and income are going to be a learning experience  (In a good way) However do not go in with a massive cashflow expectation.Some Realtors/Sellers might sell you on unrealistic potential high rents and will be adjusted to the selling price....so do your own research.Are you planning on living there as well?

Renovation costs are capitalized and added to the property’s basis, reducing taxable profit (sale price minus adjusted basis and selling expenses).

As the market changes, I'll have to adjust my offer accordingly.

The more you know about what is involved in renovations and repairs, the better suited you will be to take on any project.But, real estate is capital intensive.  

I’d love to hear your strategies and any examples of when you’ve successfully adjusted course!

Pricing for MTRs is just as labor intensive as market research is as of now.

Given that I'm looking for a less time-intensive investment option for now and we are accredited investors, the Colonial note fund they offer is a better option for us.  

It discourages new landlords from entering the market and limits the ability of existing landlords to adjust rents to match rising maintenance and operational costs.

That's a great place to adjust to the area and meet other investors.

After reviewing the latest ordinances, reports, and city guidelines, here’s a summary of my findings as of 11/18/2024:Key FindingsPermit Types and Fees:Type 1 (Owner-Occupied): $300 for 3 years.Type 2 (Non-Owner-Occupied): $450 for 3 years.Density caps apply to Type 2 permits (12.5% of block face).Enforcement:3 violations in 3 years lead to permit revocation.Fines up to $500/day for violations.Hotel Occupancy Tax (HOT):City: 9%, County: 1.75%, State: 6%.Platforms like Airbnb and VRBO will remit directly to the city starting Feb 2025.Platform Obligations:STRs must have valid permits; unpermitted properties will be removed by platforms like Airbnb.Special Exceptions for Density Limits:Require approval by the Board of Adjustment (BOA).Zip Code BreakdownI focused on these 11 zip codes:Under San Antonio Rules:78205, 78204, 78215, 78210, 78212, 78245, 78258Independent Municipalities (Separate Rules):Alamo Heights (78209)Leon Valley (78238)Helotes (78023)Next Steps:Research density caps and zoning in specific zip codes.Dive into independent municipality rules for Alamo Heights, Leon Valley, and Helotes.Evaluate market maturity and income potential using tools like AirDNA.If anyone has experience operating STRs in San Antonio or these specific zip codes, I’d love to hear your insights, especially about density limits, enforcement trends, or community sentiment.Thanks in advance!