@Amanda Paugas I had one all set up until Covid hit and changed my plans.I was partnering with Oxford House. 

Turns out, during construction, one of our vendors flushed something down the toilet, causing a clog, which led to the system overflowing and flooding the home.We ended up having to cut and replace drywall in multiple rooms and swap out the wet carpet, which will cost us around $10K.Mishaps like this will happen in Real Estate.

Over the past year, I fully renovated a house owned by a family member, which has given me some hands-on experience.Currently, I am exploring properties that I could potentially fix up and have been practicing underwriting for these prospective investments.

But otherwise, your renovations will take months longer and end up costing more than if you hired professionals.

I would also add that investors are often interested in Blanket loans because they mistakenly think it will save significant closing costs, but they do not as you will still need four title polices and appraisals etc. and you will get far worse financing terms on the loan and have a lot less flexibility down the road to refi and sell properties.  

If I buy a property for short term rental and do a cost segregation study to speed up depreciation, can I later decide to convert to a primary residence?

I told my wife that if it costs us $80k I'd rather buy a 4 unit not a single family in HOA locked up community. 

Look up local reports or chat with property managers to get the scoop.Watch the Economy:Job Growth: A booming job scene usually means more demand for rentals.

How many rentals are in the immediate area where you want to build up the business? 

It's too close to an existing one unfortunately.