The mortgage is within our means and there is opportunity to STR this in the future, good size lot to do many things with, good location.

Our plan is to by the whole property, subdivide it into 2 lots, and then sell the (undeveloped) back lot to lower our net cost on the (developed) front lot. 

However, our flexible schedule is worth a lot to us.

That's a lot to ask of a complete stranger!

i am looking to do the same. how did you determine the cost of construction prior to buying the lot to know if what you paid for the lot was a good price or that you'd have equity once its finished?

Two $70k plus repairs properties might have a better return than a single $200k property.As for time and energy management, your first property will be your most difficult because there is a lot to learn.

This is so rare that I have never seen this except from a private lender to someone they know really well.You will end up leaving quite a bit in the property.ARV: $100kRefi: $60k (for a rate / term refi you can do up to 80%)You will have $25k left after the refi plus$1,500 - Closing Costs$1,700 - Points$600 - HM Fees$3,187 - 3 Months Interest$300 - 3 Months Builders Risk Policy (Prop Ins)$675 - 3 Months Utilities$365 - 3 Months Prop Tax$33,327 Total Cash InvestedIt just seems like a lot to leave in when you can refi more if you wanted.

I count myself as a W2 investor and still have a lot to learn.

Make sure you adjust any of the operating expenses that would be covered by Vacasa so you get as accurate of an analysis as possible.  25% is a lot to share as STRs already have very high Op Ex ratios and to be perfectly honest I would be amazed if you can even cashflow with that fee on a financed property.

Hi Folks,I am interested in buying a property, that has 2 houses on a common lot, to move into as a primary residence.