A Solo 401(k) may be advantageous for self-employed individuals, offering the potential for participant loans, higher contributions, and no custodian fees, as well as higher contribution limits and the option for tax-deferred or Roth contributions.This post does not create a CPA-Client relationship.

For our second STR, we are currently researching Sherman, potentially / ideally, a less expensive duplex that we could rennovate and self manage from Dallas with workers coming to the area in mind. 

I’d dig into this a bit more.Another assumption that stood out to me as potentially problematic is the 6% income growth and only 3% expense growth.

Features a versatile layout with potential for office or hobby spaces, and a primary suite with a double vanity bath.

For southern states, you might want to look at smaller markets in Alabama, Mississippi, or parts of Tennessee and Arkansas where properties are still affordable and cash flow potential exists.

What are the next steps---BRRR seems like a good method for this- as theres potential for long term renters(near elementary and highschool)Step 1- look for a hard money loan(will they also cover construction?

If you can be around there that's a great area, or if you are okay with being further out you can look in Buckey potentially or Queen Creek.

STRs have a huge earning potential but it's definitely something that takes a lot of time, patience, and effort these days.

As well as limit you potential top end profit.

It is still a seller's market in many geographic locations, so you can ask potential buyers for an extended closing period and/or with options to extend the closing period.