If it is very rural having contractors and completing on time and accurate numbers can be challenging.

Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

You could ask that they put a year or so of savings into a separate account on which you have view access or receive a monthly statement so you can see they have the ability to pay future rent.They aren't going to last without other income or savings with income at 1.25x rent.

I would love to hear some thoughts on this and what are the recommendations to make this a sustainable investment strategy.

@Jonathan ChanDavid Greene's The One Brokerage will do HELOCs on investment properties.Not affiliated, have worked with them in the past.

I more so meant if there are people you could hire to do a pre-inspection to ensure you pass on the first go!

All of those factors will guide you on doing a buy down.

I will be there, although can not make to this Nov. meeting.If you are in the KC area on the 10th of December, join us at the MAREI meeting at the Double Tree in Overland Park.

We have lots of automated processes - All online rent collections, inquiries, signature requests, and late fees.

Hi Thu, self-managed STR owner in the California High Desert and realtor who has helped several clients purchase properties for the purpose of renting on a short-term basis.General questions pertaining to the overall STR landscape should not incur a cost when directed at a PM/co-host.