Here, you can build up a contact list with all prospective buyers that visit the open house.REIA meetings can help you connect with local agents and investors and pick their brains as well.

Trouble is, people mistake for a transactional business.So the best way to take down a deal such as this is to build up your network and relationships before you score a deal bigger than you can handle.  

Build up your seed money first. 

How can you pay all the bills and build up reserves (to redo that roof etc)if it is coming out of your pockets which may be pretty empty to begin with.

its a tough job.. and you need reserves .. however if you put in your time and build up your clientele baseat about 5 to 7 years maybe 10 almost all your business will be referral. 

The point to all of this (to me) is to A)Build up enough independent income such that you're largely immune from needing "a job", B)Have enough money such that you can provide some security for your family,C)Have enough money so that you can provide funds to things important to you (charity, church, etc),D)Have enough money so that you can enjoy things in life that genuinely make you happy.If you are all the way down to D, then I personally don't see what is wrong with it.

Over deliver what they are expecting and be quick to take care of any issues or complaints and you will get there.The first year can be a buildup to get to where you need to be.Maybe have some friends stay their cheap in exchange for a great review and an honest constructive critisism.

Try to build up your buyer's list by networking on these sites and it will grow pretty quick, especially if you have some solid deals. 

I have recently closed a deal on a 4-bedroom ( 4 en-suite bedrooms) house in King City, Ontario (This is my primary residence) and I am interested in reducing some of mortgage payments through short-term rental. 

It can be at risk whether it is in the bank or under the mattress.Investing in real estate is the best way to build up more wealth and cash to buy that dream home.