This not only preserves the value of your investment but also enhances its profitability over time.Also, I'd like to emphasize the importance of understanding the local market dynamics, which will help you make informed decisions about where to buy, what to buy, and at what price.

What started as a promising BRRRR ended with us making the tough decision to sell at a loss after an unexpected disaster.The Numbers:Sold for: +$230KPurchase Price: $115KClosing Costs: $3KRehab Costs: $105K ($49K original rehab, $56K additional repairs due to the car crash)Holding Costs: $31K (12 months)Selling Costs: $16KInsurance Claim Recovery: +$25KNet Income: - $16KWhat Happened:This was supposed to be a BRRRR.

BEST DECISION I EVER DID WAS MAKE MY WIFE MY BUSINESS PARTNER THIS YEAR FELT LIKE NEW BEGINNINGS LEAVING A OLD PARTNERSHIP AND STARTING A NEW ONE LITTLE  DID WE KNOW THIS FLIP WOULD BE THE WORSE THING WE DID THIS YEAR TALK ABOUT A HOUSE THAT WOULDN'T STOP SPITTING OUT PROBLEMS FROM SQUATTERS BREAKING IN , FROM THE CITY CONSTANTLY GIVING VIOLATIONS, WE EVENTUALLY TOOK A LOSS OVER 50K OUCH!!  

Just trying to get as educated as possible before making any decisions, and setting up my asset protection accordingly. 

So think twice before taking any outsized risks, as you already achieved a nice equity base, and you don’t want to end up screwing the pooch by taking unneeded risks ;)Good luck and keep us posted on your decisions…

So my best advice would be to not make a clear cut decision yet, but keep your eyes open for an opportunity that gets you there.

The operation of an STR has almost nothing to do with real estate and 100% to do with hospitality, that is where you can distinguish yourself from other operators, provided you made a good decision in your initial purchase. 

I have a similar perspective, as I am right on your heels with the same decision, so I'm naturally inspired. 

It's a big decision, and I recommend spending some solid time in each area.

This decision effectively reinstates the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements nationwide, pending the Department of the Treasury’s appeal resolution.Click herefor the full article which includes the new reporting deadlines.