We have a niche market due to the hospital and university which has pros and cons but my properties have continued to perform well for me.  

Go straight into focusing on creative finance, subject to, and minimal cash down deals and build from there.I want to hear your thoughts on what direction to take here if you were in my shoes given these constraints (full time job and a few thousand saved) and you want to optimize for passive income first, then value appreciation?

The value add was recognizing what the current regulations could allow the land to be used for (basically recognizing current land use did not optimize the value).Good luck

It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.

To optimize taxes, consider lending through a self-directed IRA or Solo 401(k) to grow interest tax-deferred or tax-free.

I have done BRRRRs in Milwaukee for a decade+ and if I am not on the job 2-3 times a week, things go sub-optimal.

A cost segregation study was performed on this single family home in Iowa City, Iowa with a depreciable cost basis of $649,900.

So you shouldn't count on appreciation to justify under performing STRs.

How do I know which questions to ask to ensure the property manager is performing at its best?

preREO is a marketplace for non-performing mortgages as well as REOs.