For those that do not feel comfortable enough with excel to build out a tool on your own, I would suggest starting by taking excel courses focused on dynamic real estate modeling.

Start running numbers on potential deals to get more comfortable, and build out your team—like a CPA, property manager, and lenders.

Get out of your comfort zone.

Hard to do in the beginning but that's where I feel comfortable. 

Obviously if I intend to have a top performing STR in this market, my buy box will allow for a much higher max purchase price, but I wouldn't feel comfortable with shooting for the max if there aren't clear ways to beat these competing properties.

But the level of negative cash flow that you're talking about is quite high and it sounds like it's not something you're comfortable with and thus should look for something else.

If the rental income from your condo can comfortably cover your mortgage and leave you a little profit, moving out might make sense.

You can be sure they will continue to negotiate for, strategize and advise themselves.If the laws are similar where you are, you should consider if you want someone doing those things for you, and whether you are comfortable going toe-to-toe alone with a licensed professional on a $1.25 million purchase.

If you're comfortable with waiting 3 years, maybe that's not a bad decision since the building has a foundation that isn't going to fall apart, but yeah it's good that you are figuring out what you need to know to be ready when the time comes.

Rates and expectations vary depending on the relationship and the investor's comfort with risk.