House hacking is perhaps the best way to get to cashflow other than buying off market (most likely finding the lead yourself) and doing a ton of work to get it rent ready, which is obviously cash intensive and time intensive.

I've made it a habit to track Department of City Planning updates and zoning proposals because they often signal where the next hot areas will be.

Avon, CT is a hot market, with multiple offers being received the weekend of the open house, which is scheduled one week after listing.My offer of $725,000 was $20,000 lower than the highest bid, but was accepted without counter because it was not contingent on financing, while the highest offer at $745,000, while the buyer had pre approval financing, was subject to financing.

Without a hot tub, or a swimming pool, or a back yard patio you aren’t offering anything but a place to sleep.

It's way too hot for hiking in the summer, and ugly in the winter once all the green is gone.

This would make decision making hard, on top of likely needing owners to sign mortgage guarantees, etc.Not enough involvement/too many owners, that you no longer satisfy SECs rules for involvement and it is really a security that needs registered or exempted.Some middle ground, like DSTs or these other fractional ownership, where the admin work is so intensive that fees need to be higher to make it worthwhile for the operator.Then again, I am drawn to real estate, so by nature drawn to traditional, proven structures.  

Imagine trying to ask an owner permission to add on hot tub or high cost item just so you can compete.

THEIR PROCESS may have been fine a year or two ago when rentals were hot.

When we wholesale in Denver metro its usually 78-80% ARV, we would only go lower if it was a slightly riskier deal (no good comps, stigmatized area, layout that might not make sense, house will be listed in the winter).Having said that our flippers are still having success with those number because of how hot the Denver area is. 

Major items include clearing overgrown shrubbery, replacing doors, fixing up the deck, getting a pond running again, and removing an in-ground hot tub.