@Hector Lewis - The decision ultimately depends on your current cash reserves relative to your financial needs, as well as your willingness to reinvest for potential appreciation.

It seems every market goes through a cycle -- unnoticed potential; early titillation as the potential becomes known; flood gates open and gold rush is on; property prices rise, revenues drop, regulations come in; and finally balance is found.

While most of his experience is with new construction rather than remodels, he’s already given me a few pointers and is looking into potential referrals for me.

Regulations & Compliance: What's the best way to research local STR laws and avoid potential regulatory issues?

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

Houston, on the other hand, has higher appreciation potential, a growing job market, but also higher entry costs and more competition.

The case study illustrates the potential for exponential growth through house flipping by reinvesting profits. 

My sales and acquisitions in a slow year yield roughly $350,000, with potential earnings exceeding $500,000 in taxable income.

I'm wondering about any potential regulations that might make this a more difficult process than I'm anticipating. 

Thanks for the insight on where to network with potential investors, I will definitely look into that.