However, beyond the repair aspect, I would also caution that you understand the auction process and how properties go to auction, who is foreclosing, and why.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Most of the negative feedback on BBB has to do with their lack of responsiveness, which could be a growing pain issue since they are affiliated with at least several large REI groups that I am aware of, so are presumably overwhelmed with new business right now.

The initial heartburn of lost reviews will likely be negated by more bookings (because guests don’t often like booking from large companies like Evolve) and hopefully better reviews with you as PM.

@Dakota Williams While it’s nice to improve the ARV and obtain appreciation for when you sell I’ve discovered that most of the time I can’t access that “hidden value” because to refi out the new value would leave the property with negative cash flow.

LOC's can have negative effects on your future purchasing power if not set up correctly and keeping in mind you can "never" use an LOC as a reserve or asset.It will always be a debt burden and can over inflate your back end debt ratios depending on the W2 income and your liabilities.

For you to ask this, you're valuing that "16% CoC" so highly it's likely overriding the real material aspect of the investment.

These are key aspects of working with an agent especially in an area like that with the STR market.

Its better to buy assets that will appreciate ( historic ) and be break even or a little negative. 

That is awesome, but also why you have negative cash flow.I think you are using OPM in the wrong context here.