Our business model is converting to automated 24hr access.

Using IRR will help model out the timing issues of when you realize your principal payments.

But they are real estate professionals, many with formal research and investigation backgrounds and all with million-dollar pockets, and casual here-today-gone-tomorrow looky-lookies are not going to compete successfully with them.The best advice I've ever heard about spending money at the auction went something like this: if you can't afford to drop the money you've budgeted to spend at the auction in a pile on the sidewalk and burn it right there, if your business model can't survive that, don't bid.Again, I would say a real estate auction is a great place to learn a lot about real estate by studying and watching, but it's not a place to learn by trial-and-error.Best of luck to you.

However, my full-time job in corporate strategy provides me three fundamental skills I believe will translate incredibly well to real estate:Quantitative analysis and model-building are core skills to being able to judge the value of a potential market / acquisition in my daily workMy daily success hinges on instilling efficient, scalable business processes and getting creative with incentive alignment to ensure everyone is working toward the same goalAs a strategist, my work on the above has zero bearing if I haven't earned the trust of those who must execute against them.

It is really just an IRA with a different business model that allows for investments outside of wall street.  

If it goes well we may convert a few more to this operating model looking forward but one step at a time.

In that case, it can be a successful investment model as you can develop multiple income streams and build equity while not having to manage tenants and hunt for deals.

This was a late model single-family house in a good quiet neighborhood.

Aloha Michal and it's nice to add some more Hawaiian flavor to BP Nation!!

My wife's full-time job is raising our children, but her side hustle is managing the day to day operations of the Airbnb, so we have a unique situation that would allow us replicate this model in the future :).