Initially my target niche involved young professionals and college students like myself but this of course narrows my prospective tenant pool.

As you go up in price the cost per acre to develop can be lower so the developers (cap rate to cost breakeven number) can be higher.So properties at 8,10 million and up might be 8 cap in some instances on great properties with really good debt available.Conversely if you look at 2 million property developer cap rate to cost is much lower for breakeven and buyer pool larger so cap rate and yield compresses.

Osceola and Polk Counties, where the vast number of vacation rentals are located, currently have far lower rates and the rentals are typically pool homes spread apart from each other in quiet neighborhoods.

Indoor pools are going to add an average of 50k in gross annual income compared to a comparable property without one.

I am still not ready to step out on this full time so I partnered with a friend, we pooled money together, and worked this deal together.How did you find this deal and how did you negotiate it?

This happened to be in the area where several schools are located and the pool of students looking for available housing (and professionals) was fairly deep.

There's no other time in life when someone will pay you (and getting a free ride is getting paid to go to college, let's keep in mind) to have the time of your life, learn from incredibly smart people, have time to think and read, stay up late partying, make great lifelong friends, and have access to probably the best dating pool you'll ever experience.

My real estate lawyer on closing couldn't even answer if I could legally put a pool table down there for my own purposes.  

The only real ingredient out there for trouble in real estate is qualifying buyers, that recession and income loss will decrease buyer pool.

In IL allowing pets will widen your renter pool a lot.