I want to begin by saying that I do not recommend just ANYONE doing this, and my story is based in Florida and what we are able to do here....with that said, here's how our deal went down.I was contacted by a seller who wanted to get rid of his house and not deal with Realtors, staging, showings, repairs, etc.  

Here are the projections for 2024 to give an idea of expected returns:2024 IncomeLong-term Income$8,400Gross STR Income$45,500 (based on AirDNA projections)Additional STR Income$5,915 (mostly cleaning fees)Total Projected Income$59,8152024 ExpensesSTR Expenses$16,453 (32% ratio)Mortgage$34,476Insurance$707CapEx$3,600Taxes$2,729Total Expenses$57,965Projected Cash Flow$1,850CoC Return2.79%2024 Additional ReturnsPrincipal Paydown$2,930Equity Appreciation$16,200Mortgage Interest Deduction$7,571Total$26,701Total Projected Returns$28,551Projected Return on Investment43.1%Projected Return on Equity21.4%The CoC numbers are not impressive, and the property only cash flows as an STR, which carries some risk.

While getting on BP is a great place to network and receive feedback as well as learn, I think educating yourself is a great base before getting started.

After including HOA fees, you would net about 630/month based off the info you provided.

The nature of our business is a contractor might be great today but awful in a year or two out.

@Kyle Pierrehumbert it's easy for all the commentors to tell you to deny these applicants.REALITY: many tourist-related businesses are having a hard time finding seasonal workers due to lack of affordable housing!

I don't know the Austin market well, but based on my research, you most likely will not cash flow in that market for a few years at best.

They can provide professional advice and guidance based on their knowledge of local regulations, market trends, and investment opportunities.

I recommend looking into areas near economic bases - close to Nationwide Children’s Hospital, Ohio State Campus, New Albany, etc.

I would base this on your numbers, not sellers (seller financials are one of the biggest jokes of this industry), and your return requirements.