@Brienne Metcalf first off @Kevin Sobilo's points are all excellent. 

Ironically most investors don't slow down to ask themselves that simple question but will prepare a multi tab excel spreadsheet justifying the reason behind purchasing the low barrier home that lacks fundamentals because it meets the 1% rule or is a good BRRRR candidate because that's what they are taught.

Small business with excellent service and better yet great photos.

Cost segregation is excellent for STRs because you can take it to offset the terrific gains on this type of property as well as off-setting it against W2 income if you are materially participating in its management. 

Each approach brings its own strengths, and the BRRR strategy is excellent for building long-term wealth.

Later you could convert to student housing.Thanks, excellent advice I'll look into that.

To maximize the number of transactions you’re involved in you will need to:Be Top of Mind when they think about moving - which requires consistent reminders.Be seen as an Expert – which requires a consistent message and Evidence of Success storiesGain their Trust – which requires communicating integritySo, start out by listing everyone you know in an Excel spreadsheet.

@Teahjsia Frazier excellent advise from others here.

Excellent point on the IRR, I haven’t built my spreadsheet out to accurately calculate that yet but I know it’s pretty high for the SoCal properties.

This is excellent, thanks for sharing!