As for rent, between 2013 and 2023 rent prices grew an average of 38.28% in military communities, meaning a home that used to rent for $1,000 now rents for close to $1,400.One of the greatest tools the military provides for service members to build wealth is the VA loan - the ability to purchase a home without depleting cash savings or emergency funds.

I save $800 a month rent I was paying last year to cover repairs (hardly any) and emergencies.2) The VA loan requires that the reside in home for one year minimally before acquiring a second property using a second VA loan.3) According to my realtor who is well versed in VA loans you can use a VA loan multiple times (like every year or 2) to purchase a new home BUT, the VA processing fee increases with each purchase.4) There is no cap for how much you can borrow, meaning the cap for a VA loan was $484,500 last year here in Chicago. 5) Just a suggestion....

If you close off or reroute the stair can everyone still exit the house safely in an emergency? 

.#6 Verify Employment - call themVerify Rental History - call themUse a basic move in/move out checklist.Require renters insurance.Require proof of utility transfer.Explain the lease thoroughly in person.Define an emergency and set limits on when they can contact you outside of the normal maintenance request procedure.

Are there folks who can take phone calls in case of an emergency but they do not manage the STR overall?

This could include having a list of trusted contractors, setting up a budget for regular property maintenance, and having a plan in place for emergency repairs.(3) Rent Collection and Tracking: It's important to have a system in place for collecting rent and tracking all rental income and expenses.

You've had a tough last decade or so, you need to get out of debt, have an emergency savings, and prepare for retirement in it's most liquid form first then can diversify into RE assuming you can hold that long. 

Account ClosedCongratulations on having the wisdom to look into the future to anticipate emerging pain points.

It also depends on your life outside investing. what is Your emergency fund ratio need?

I collect the rent and handle non-emergency issues.