Our Situation:Two couples, new to real estate investing, each with one working spouse with a high income (W2 and 1099) and one non-working spouse plan to go 50/50 on a new construction STR which will not close until Spring of '25. 

With the potential rental income versus your mortgage and expenses, breaking even or making $200 a month doesn't leave much room for unexpected costs or vacancies.

I would need to use some creative financing since DSCR loan would be tough since no income from the property because there is no tenant yet.So, that’s where I am.

Vs rentals/ STRs can create passive income that will produce multiple streams of income.One thing that I would recommend doing until that boot camp is get out there and network.

My SOP is to contact the current landlord and employer, require proof of income for the past 3 months, and use Rent Spree for background, credit, eviction, etc.

Section 8 comes with benefits like reliable government-backed income, potential tax advantages, and lower vacancy rates.

If you refinance, you can always use a DSCR loan on the next purchase if you think the refinance will impact your Debt to Income ratio.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

All this spending and lack of income for many counties is starting to shed its light now and people are going to have significant sticker shock.

In Colorado Springs, STR will certainly get you more income than a LTR but its often more time-consuming to manage as you have new people in your home every couple weeks.