As much as anything like @Chris Seveney points out frequently the annual reporting can be complex and costly and its mandatory otherwise your running some serious SEC risks.. 

Which will cost money.

It sounds like you’re selling for $500k after closing costs?

Those typically take longer and cost you more money.

After factoring in the repairs and the operating costs it would be difficult to break even right now. 

What’s a good estimate you think I should have for the down payment, closing costs, repairs, holding costs, and reserves?

Both long-term and short-term rentals have their pros and cons, especially here in San Antonio.Long-Term Rentals:- Stability: With long-term tenants, you have a more stable income and fewer turnover costs.- Less Management: Once a tenant is in place, there’s typically less day-to-day management required.- Consistency: In neighborhoods like Northwest and Northeast San Antonio, long-term rentals can offer consistent demand due to local schools and businesses.Short-Term Rentals:- Higher Potential Income: You can charge more per night, especially during peak tourist seasons.- Flexibility: If you want to use the property yourself occasionally, you have that option.- More Work: Managing a short-term rental requires more effort with frequent guest turnover and maintaining high standards for reviews.As for platforms, Airbnb is popular, but you might also consider VRBO or Booking.com for short-term rentals.

Most agents don't know anything about investing (especially the costs of fix and flip), but the ones that do are gold.

It's a cosmetic rehab.

Essentially, the cap rate is the proportion of Net Operating Income (NOI) to the property's value or selling price:Cap Rate = Net Operating Income (NOI)/Property ValueThis ratio offers a direct method to evaluate the yield a property generates in relation to its cost.For advanced real estate investors, integrating additional factors might prove beneficial:Vacancy rate: The duration the property remains vacant.Operating expenses percentage: Includes insurance, utilities, and maintenance costs (excludes mortgage payments, depreciation, or income taxes).The adjusted formula for net income, incorporating these considerations, is:Net Income=(100 − Operating Expenses %) ×(100 − Vacancy Rate %) × Gross Income