How do you balance being available around the clock with avoiding burnout?

Is $107k your true net, or do you have any other expenses (mortgage, taxes, lodging taxes and fees, insurance, utilities, landscaping, WiFi, etc.)?

Too risky for us.Regarding additional guest packages, you can easily change your tax situation by offering what the IRS calls "significant services".

Interest rates or property taxes spike, squeezing your cash flow?

There's no problems living next to your tenants, just tell them your the manager NOT the owner to avoid guilt tripping.You have to analyze the deal 1) while you're living there 2) when you move out.

In many places, daycare costs, commuting, office clothes, taxes, meal prep, all take up a working person's full income when you switch to going back to the office.

I'm not sure how attractive the numbers will be however when looking at HOA dues, insurance, taxes & the unpredictability of future costs with HOA dues.

Less Desirable Areas: Are there neighborhoods we should avoid or areas where BRRRR might be less effective?

Post Dodd Frank sellers have continued the same bad practice of selling houses to occupants with financing at selling prices that are way high, can't be justified via any type of 3rd party valuation (appraisal, zestimate, tax value, even recent sales in the same area).   

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!