I am open to exploring lending options from reputable institutions or negotiating favorable terms with the owner, including the possibility of owner financing.In terms of financial readiness, my wife and I, both employed off the farm, collectively earn approximately $100,000 annually.

I recommend that you think through how you approach the rental and set financial targets and boundaries then be prepared to stick to them.

I am new to both of these topics but am eager to jump feet first and learn what I can in order to grow personally and financially.

I am definitely more of a wombat than a roo in the game of real estate but I've never felt over-extended financially and that's what worked best for me.Good luck with whatever decision you make - I would reach out directly to individuals who have posted here.

Consulting with a real estate investment advisor or a financial planner who understands the BRRRR method and your local market conditions can also provide personalized insights and help you make an informed decision.

Utilize resources such as the BiggerPockets Rental Property Calculator to evaluate possible transactions and comprehend the associated financial figures.Keep in mind that buying a home is an ongoing learning experience.

I will share my "Most Expensive Lesson" in the comments.To kick things off, here are ten examples of expensive lessons or mistakes in real estate investing:Underestimated Repairs: The classic pitfall where the cost of repairs and renovations far exceeds initial estimates, impacting the overall budget and profitability.Tax Liens: Failing to account for or being unaware of existing tax liens on a property can result in unexpected financial burdens.Contractor Liens: Not settling payments or disputes with contractors can lead to liens against your property, complicating sales or refinancing.HOA Fines: Overlooking or violating Homeowners Association (HOA) rules can lead to significant fines and headaches.Bad Loan Products: Opting for loan products without fully understanding their terms can lead to unfavorable financial conditions, such as higher interest rates or unfavorable repayment terms.Ignoring Zoning Laws: Investing in a property without a clear understanding of local zoning laws may restrict its use, affecting your investment strategy.Overpaying for a Property: Lack of research or getting caught in a bidding war can result in paying much more than the property's worth.Neglecting Due Diligence: Skipping thorough inspections and background checks can uncover unpleasant surprises after the purchase is finalized.Poor Tenant Screening: Failing to properly screen tenants can lead to unpaid rent, property damage, and costly evictions.Underestimating Market Risk: Not considering market fluctuations can lead to investments that don't pay off as expected, especially in volatile or declining markets.We've all been there in one way or another, facing setbacks that seemed daunting at the time.

If money is an issue for getting more properties, then find partners, or the seller finance thing, or start a pool for the down payment and go thru asset based lenders (that's my next play)...Having said that, as of Dec 1, I'll be managing my own STR since I'm firing my property manager.

Maybe company 1 scope can be done now, and then the additional work company 2 mentioned could be done later when you're more financially prepared. 

I'll be sure to make sure HOA financials are in good order.