I did this another time where I was only making $600/month profit with a lot of equity in a rental. 

Check out the chart showing the fast rent growth and declining rent growth cities, which could help inform your decision on growth markets. 

Additionally, it provides investors with the opportunity to add a unit on a property they already own, simplifying management since the new unit is in the same location.Finding a vacant lot is both expensive and difficult, so the ability to build, subdivide, and create new development opportunities can make financing easier.

There's a lot of discussion about managing a STR from a distance.

However, there's a critical detail that many tax advisors conveniently overlook when promoting these studies.Here's the uncomfortable truth: If you're a high-income earner (AGI > $150,000) and not actively managing your properties, those promised tax savings might be locked away for years.

Assuming that continues and you manage your properties competently people will think you are way smarter than you are in 10 years. 

It was a big project in terms of the amount of work it needed, I just ran out of time with my lender going through the garbage with the contractor, finding a new one, and finishing taking the longest. other than that I would've let it sit on the market to get closer to what I actually wanted for the property.

Quote from @Matt McNabb: I'm a solid $400k/yr job in NYC and have $250k to begin investing as my first step into building a portfolio, although I don't have time to be a landlord so I have to account for management fees.  

2.What are the best and most cost-effective solutions for managing this potential long-term issue?

The surplus line broker shall collect the Ohio tax of five percent of the amount of the premium for the insurance policy at the time the insurance policy is delivered to the insured."