I am curious enough to try different approaches and find out what worms best.

I’m curious, when you’re entering a new market, what’s your approach to starting those in-person connections?

I've heard of the whole 2+20 (2% fee + 20% of profits) approach with hedge funds, but haven't heard of performance caps before.  

Would have to be appreciation which would not be a good approach starting at that level.  

For average investors without large amounts of capital to deploy this is a common approach to growing a portfolio.

Lucky for you, your own backyard is an excellent (and often overlooked) place to begin investing, thanks in part to Tuscaloosa’s proximity to Birmingham, UA’s steady enrollment growth, and the market’s favorable rent-to-price ratio.As for your comment about BRRRR, you’re right that it’s definitely one of the more time- and labor-intensive approaches.

We do engineer hardwood and no Lux viynl like our competitors So all these things probably cost me 25k pre house but we have been selling them for 100k higher than Lennar for same sq ft and have created the highest priced development in town. we are approaching 400 a foot for finished product which was unheard of in Canby Oregon.U can see the homes and the finishs if you go to  Ivyridgeestatescanby  dot com. 

That kind of restriction just doesn’t work for someone like me.I’m trying to figure out if I might be missing something in how I’m approaching this or if others have insights or examples of towns that not only allow STRs but also have laws that offer enough flexibility to operate in the way I’m aiming for.Many towns technically permit STRs but impose restrictive rules like membership requirements, ownership duration limits, or rental day caps, making operations challenging.

That kind of shoot-from-the-hip approach can be fun for a minute, but it usually ends up like my old buddy Rick’s first deal.. he bought a distressed fourplex in Tucson years back without a real plan, and while he eventually turned it into a solid monthly cash flow, he spent the first six months sleeping with one eye on the tenant ledger, praying the HVAC wouldn’t bail on him after a hot desert day.

There're some alternative planning approaches, but they are always case-by-case.