Hi Brian - sorry for being late to the game on your post here, I'm an investor myself and also a real estate agent licensed in NC.

I quit investing 26 years ago due to some setbacks and it took me another 21 years to get back in the game.

Personally, I'd be nervous to not get some type of deposit from my guest because I like for them to have "skin in the game" 

Having a good game plan as an investor is key, making wise purchases, accurate budgets, holding subs accountable and to also know, yes, this may be the  current ARV at purchase, but how is this market trending and what’s our timeline.

For those of you who’ve been in the short-term rental game for a while, what’s one lesson you wish you’d learned sooner?

The other options you are playing with fire as using a HELOC that is paying interest is essentially buying with 100% financing.Having no skin in the game has always been a high risk strategy and people were able to get away with it the past few years due to the money supply and inflation but I would not use that as the measuring stick.

Give Memphis a look, tons of opportunity to do it yourself and turnkey providers that have been in the game for a long time.

Real estate is a numbers game, and patience is key.

Mentees need to step up their game and make the offer to those who can help them.

There are several great ones in Dallas, but I'll bet these days most want you to have some skin in the game, so no 100% financing and also financing of renovation costs.