Quote from @Thu Pham: Hi community, I'm in the process of acquiring my first STR property in Joshua Tree and have met with a co-host that I really liked.

They filled out the application through apartments.com (used to be Cozy.co before it was acquired) where my screening criteria is posted and the application is hosted, and their annual income listed in the application is 1.25x rent.

By "business account," I’m referring to setting up an LLC as well as a business bank account.My goal is to expand my real estate portfolio by acquiring approximately two properties per year.

I would generally agree with the other posts from @Jonathan Greene, @Drew Sygit, and @Danny Gonzalez, and @Caleb Brown, but something I think would be helpful for you would be to share the profile of a type of property, price point, and the amount of rehab you're willing to do (given your mention of S8 properties) that you are interested in acquiring.

Nice job acquiring the first deal.

Proceeds could be reinvested in better-performing assets across multiple doors.Our goal is to build appreciation over cash flow, acquiring 1-4 doors/year to allow my wife to retire by 50.

Acquiring multifamily buy/hold rentals to establish cash flow as passive income. (1 within the next year, 2 more the next year, 4 more the next year) Find my capacity to hold and manage before relying on property management.4.

What kind of funding can I acquire to develop this property?

You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

Definitely there is a lot of opportunity for him to learn a lot from this property if he is receptive to acquiring the knowledge.