Without the high leverage you reduce the top source of return in CA RE which is achieve via the appreciation on a high leverage property.  

I am a general contractor that specializes in kitchen remodels and high end custom cabinetry, but I'd like to use this project to pivot into more general contracting and property development. 

Having the contractor relationship in place to move quickly and provide a high quality renovation at a reasonable price.

And I will stay in my condo until I can afford to buy a bigger place.However, with high interest rates, I’m reconsidering.

For example, maybe you will get to 10, 20, 30 houses and then find an owner who has a large portfolio and all of a sudden you are at a high door count and now need to hire, need to build your policy binder, and all the other stuff that comes with running a business.

Think I better clarify - this isn't an altruistic attempt to help VRBO 😄, but rather a hope that it might result in a higher overall booking rate if both platforms perform at a high level

Petersburg area, resulting in highly–profitable investments.If you need professional and courteous property management experts for your multifamily, single family, condominiums or town home, you've found the right company!

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Look to high-growth markets that stand to benefit from Bessent’s plans, especially areas tied to increased oil production or infrastructure expansion.

The seller said this is in a gentrified area so there's potential to rehab this effectively and get a high payout as shown in the last comp.