We believe this is a good idea because it allows us to minimize our living expenses, and learn to be landlords while establishing ourselves in a new area. 

Be sure ice/water shield is included, vents are included, and establish a per-sheet price for plywood replacement in case the decking is rotted.

Take a gamble on birdtown for cheaper property? 

We have an equity split already established and finalized for both properties.

I'm feeling lucky, would buy a lottery ticket, but gambling without free drinks just feels wrong.

I am a real estate newbie who is interested in STRs in well established vacation areas.

At some point in the distant future I hope to develop rentals and flips in the Northern Virginia area, and also establish a foundation helping low income families gain a footing in the real estate market.Thanks and I look forward to meeting you all.

Hard money is more intitutionalized, private money is more people you have established relationships with.

We have found that staying in front of the lead and establishing yourself as the most knowledgeable agent in the market makes a big difference. 

Check out prepaid legal to get part of your group together at least you can find a competent real estate attorney to look over your contracts,etc.Then you might want to form an LLC and purchase a small established business perhaps an Internet (one that does not require daily hands on management) for under $200,000 that generates income) We found a couple for our clients one costs $179,000 but generated $120,000 per year in adjusted gross income.Then purchase your 2nd and third home and you will be set money wise and able to meet your obligations easily.You have a plan and that is wonderful.