I started out researching my market by cycling the city and getting in shape.

Nice new homes are going to run more to keep in great shape..

This heloc does not, in any way shape or form, affect my wife's DTI.

Also, I'd add that any second position debt, preferred equity, or their brother's, sister's or cousins in any shape or form are at #2 on this list, in really any asset class. 

What's the one investment strategy you wish you'd known when you first started in real estate, and how has it shaped your journey?

Experience is another thing - it shapes and challenges the knowledge you acquired and you always find yourself wanting of knowledge because each day is a new day with different challenges and demands as is each deal.

He was happy to allow me to rent out nightly because it actually helps keep his property in better shape than a long term renter (having a cleaner in there every turnover, short stay guests always let you know when something isn't working, etc) but didn't want to hassle with worrying about a percentage of income/management, etc.

Here’s what I’ve seen work well:Furniture Purchase:If the furniture fits the vibe you’re going for and is in good shape, buying it can definitely help you hit the ground running.

It really helped shape how I think about the guest experience and has a lot of STR application.

I have even had paint over 10 years that was in decent shape that I was able to match and feather.Good luck