A common mistake I see for new STRs is making sure to fully understand what your property manager does.

Potential Challenges: Given my tight schedule, what are the common pitfalls or hurdles that could arise in managing a BRRRR process or any other investment strategy in the local area?

We have recently moved to Florida and decided to keep our portfolio in Shreveport, with the exception of 1-2 properties that would make great cash to pay off a different property or two.

Hi Zachary, I was hoping that wasn't the case, but that makes sense.

In short, if I invest $100k on a new property for long term rental, I want to make sure that I can position the $100k fully as a business loss in 2024 reducing  my total taxable income by $100k. 

Hang onto your money if the payment makes sense without a large chunk down, or any for that matter.

When you have value to offer right away you make better connections with buyers and you need help finding a buyer you can partner on your first couple of deals with a seasoned wholesaler. 

I would find out their DSCR ratio and make sure you can hit their minimums either upon purchase or when they desire those ratios (maybe after stabilization in a year or so).5) Unit Turns/ Re-Leasing.

Had you personally visited these properties prior to making your offers?

A reason for this decision is that currently, HYSA gives (between a 3% and 5% rate)—(let's call that incoming interest).