Although my cost of capital was cheap (2.5% 30yr fixed), the increased STR supply resulted in a more hands-on approach by me (better marketing, improving the quality of my check-in hose, services, etc) and this wasn't turning out to be as 'passive' as I would have liked (I've been managing my own LTRs for close to a decade, so perhaps I'm spoiled).

They can provide a more accurate assessment and potential repair costs.When dealing with homes from the early 1900s, it's prudent to overestimate your renovation budget to account for unexpected issues.

Lump-Sum Return After Project CompletionThis is a more flexible structure, especially for short-term projects like flips or renovations.

At this point I’m very hopeful that I get a more reasonable quote by this second plumber coming out today 

I can send a more detailed analysis if you DM me.

In the Reno, NV market the midterm doesn't bring in much more income than an LTR unless you're in a more tourist area but then you're paying more for the initial costs. 

As Chris and Justin note, the old adage of "vet the jockey (sponsor), not the horse" does not work anymore.While the sponsor can definitely screw up a deal, investing with the "best" sponsor is bad deals is a more surefire way to lose money.  

Definitely a more niche type of product, but, incredibly useful, especially across the Midwest where many rental properties are less than 100k.

@Scott Trench I will say that on the pod casts, over the last year, I have seen a shift to a more conservative approach to investing from the refi to the max all the time and keep buying.

Being proactive can help you spot potential red flags and make a more informed decision about your purchase.