To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Factor in all costs, including maintenance, vacancy rates, and property management (if you choose not to self-manage).

Considering how much I enjoy meeting new people and communicating, the STR approach has been successful and enjoyable Now we are pursuing our second investment property and are considering a property which needs some TLC and has large value added potential, considering that its in a prime location on the oceanfront.

It has been a great rental with a fixed conventional mortgage rate, generating cash flow from day 1 and already gaining equity due to the increased value.

I also cannot go HELOC route because the LTV does not meet lender requirements.

Then, you look for properties that meet those criteria so you have a very good chance of having the buyer ready to go when the time comes.

@Vic Reddy, there much be something more to this as older homes generally DO NOT have to meet CURRENT codes.

Or you could promise a certain interest rate then lower the rate by a percentage or two at closing.What can be done in todays market to underpromise and overdeliver?

Generally speaking, as crime rates trend down, the demand ratio often trends upward, but it is not a given. 

So when you get to 20% equity, you can refi for cash out, or for a lower rate -w/o the pmi, which allows for cash accumulation.