It is disconnected from the South Florida labor market and I find there is a different dynamic here.

It is not more profitable, it is only that the owners do not understand the dynamic pricing and automation and  being listed on all the booking websites and a good property management system.

So as my $100k property I purchased 8-10 years ago became a $400k property, rents couldn’t keep up without breaking that dynamic. 

While I have significant experience on the debt side of multifamily real estate, I don't have a lot of experience on the dynamics of syndicating equity.

But the fact that this is actually a part of your residence and not even a truly separate unit on the property changes the dynamic.

I see so many new investors even in my small area and am glad I have been buying for a long time, not just beginning.There are definitely still some positive market dynamics today as @Nick Brogren mentions.  

I usually use this checklist of things to do during the final walk-through (and I take my time), including but not limited to: "Check the exterior of the home, especially if there have been strong wind or rain storms since your last visit.Turn all light fixtures on and off.Make sure the seller hasn’t removed any fixtures, such as chandeliers, that he or she they agreed to leave.Check all major appliances.Turn heat and/or air conditioning on and off.Turn on water faucets; check for leaks under sinks.Test the garage door openers.Flush all toilets.Open and close all windows and doors.Do a visual spot-check of ceilings, walls and floors.Turn on the garbage disposal and exhaust fans.Check the status of any agreed-upon repairs.Check screens and storm windows.

After all that, I've returned to the investing world rejuvenated and ready to put new ideas, strategies, and systems I've learned since then into action.Unfortunately, I put all my pictures away and can't seem to find them, so I don't have any visuals, which is a little disappointing, but here are the rough numbers followed by a pretty good overview of how things went:House Purchase: $75,000Rehab Costs: $63,500Holding Costs: $32,000Sell Price: $182,500Profit: $12,000I found this house driving through a neighborhood I had been pretty familiar with for a while.

Hey @Adam SherrittI think @David Faulkner did a great job explaining the market dynamics for multi-units in areas like Carlsbad.

We use a dynamic pricing tool called Wheelhouse to price each nightly rate to be competitive throughout the year.