Likewise, intelligent investors do not try to predict the market - instead they think creatively and take action when opportunities arise."

I'd suggest stocking up on cash reserves as best you can and starting conversations with lenders and brokers such as myself in the meantime so when the opportunity arises you'll have everything set in place.If you need any help in your search let me know, I'd love to help out!

The key is to find a contractor that will not nickel and dime during the projects when changes and unknowns arise. 

@Sheldon Peart  PM hands down... software can't answer a phone and deal with issues that arise. 

And while there are many wonderful software packages to assist with managing a STR, you are correct - someone still has to take care of issues as they arise. 

However, I don't think you can find anything much better now after the rates hiked.You can pay down a portion of your mortgage to the level where you feel comfortable you can afford another property and expand slowlyBuy another property but put down more than the regular 25%From the timing perspective, we now switched to a rising interest rate environment.

She basically does not have a income; her husband is the primary source of income which makes me want his signature in case a problem was to arise with non pmt, damages, etc.

Therefore, should an emergency arise, homeowners can be at risk if they apply too much wealth to pay off a mortgage.Finally, mortgage interest is tax-deductible for those who itemize their income taxes.

I've been working as a firefighter with the state of California for about 3 years now, but looking to transition into the real estate world when the opportunity arises.

It can lessen the frustration when issues arise (and I'm sure they will no matter what!)...