I was a SWO for 8 years, and the best thing I did to improve my financial life was real estate investing. 

Communication and setting expectations are key to any smooth financial transaction. 

I’m just getting started and looking to soak up as much knowledge as possible—whether it’s about finding good deals, managing renovations, or understanding the financial side of things. 

A STR is a completely different animal in my opinion, in that it requires more work and much more compromise, but financially is worth the effort. 

The borrower's financials play a big part as well.

Regarding financials, the bottomline is the numbers should work.

Prioritize your financial stability.

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Paul Bommarito, are you concerned with their financials?

We have a solid system in Quickbooks and want to stay with that for financials.