The time has come for me to start investing in real estate and before doing so i'm looking to build a strong and dedicated team of partners: agents, lenders, contractors and property managers mainly in the Cleveland area (but also open to markets within a 2-3 hr drive away) that already possess an excellent track record in their line of work and that value long term collaboration.

I has two GREAT property managers that immediately come to mind, one handling 5 high end high rise condos I owned in Phoenix and the other one handling a 12 unit very lower end apartment building I owned in Arlington, Texas.  

With comps ranging from $875K-$1M and your estimated build cost at $550K, the after-completion value gives you a significant equity cushion, making this project highly attractive to lenders.If you plan to hold and rent the property, you could refinance into a DSCR loan after construction, which bases lending on rental income rather than personal income.

Say you position in great locations where the experience is highly sought and highly valued with limited offerings.

I know it helped our value.

I would highly encourage paying a GC to walk deals out the gate, have them give a scope of work so you can see what items costs.

Do your homework before committing to ensure you’re getting real value.3.

PM fees are high, exactly because so much work is required in managing STR.  

This experience has provided me with a strong foundation in acquisitions, valuations, and deal sourcing.

In our area we have 3 different HUD agencies that provide vouchers to qualifying tenants.