Not sure why anyone is surprised that STR financing is tightening up.Hotels and gambling are hardest hit during recessions.

Not having a mentor will be a very expensive adventure for many first time investors.

Good detective work Vivek Khoche Needless to say this turnkey adventure didn't end well.The big lesson from the OP's post is do your own due diligence.

I am starting my adventure in RE Investing with a goal to have 4 units in my first year.

If you're expecting to get the cash back instantly, you'll need a different plan (portfolio lender, much more expensive).Best of luck on your BRRRR adventures!  

@Chance TerrellD4D is the best, but if you are feeling adventurous and have all your ducks in a row, you could go for tax delinquents or probates at your local assessor's or courthouse.

I rented out the upstairs unit of my house which consists of basically a whole other 3/1 house...lol  From there I started a flipping project with a partner who went through a nasty divorce mid swing and the project fell apart (still trying to salvage some pieces of that adventure). 

Good luck on your REI adventure. 

Hi y'allI'm trying to figure out a path to starting out. I just got my Oregon Brokers license! Unfortunately, I have a W-2 job that takes up about 45 hours a week, and the brokerage I spoke to, said they want someone ...

I wish you successful real estate investing adventures.