My point is even some experienced operators doing more extensive/sophisticated value adds are struggling in this market. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

A clear operating agreement from the start is key to keeping on the same page. 

I understand being in high cost market and it being difficult to buy but the "cash flow on paper" inexpensive markets is a gamble.

We own and operate a mid size REI and property management company in Marquette Co. (~300 units or so). 

And we were operating at scale, so we had the luxury of riding a float for such.

I may be 19 but that does not have any factor in how I efficiently operate my business, as you can see.

Tip #1 - no such thing as one perfect market There is lots of data on Bigger Pockets and MTR experts that have released rankings of top cities for next year, but remember it's not just about the purchase-- it's also about the operation.

It just might be a different strategy involved.Cash flows through refinance or sale or operating cash flow is the same in my book.  

As an appraiser I’ve appraised a handful of properties recently that are outside of city limits and operating successfully as STR’s that don’t have the same regulations as the city of St Pete.