I probably should've made this post prior to purchasing but as they say, the next best time to plant a tree is today.

Hi All, I am looking at purchasing my first STR in Skagit County WA, just north of Seattle.

My goal is to at least have positive cash flow while I build equity in the investment property.Has anyone successfully purchased a buy & hold with this strategy?

Purchase price: $402,800 Cash invested: $148,673 Sale price: $590,000 Our 1st rehab flip!

They told us the price of the renovations would be included in the purchase of the home and we were nieve enoough to believe them.

Purchase price: $65,000 This property was a classic grandma home that needed some TLC to bring it up to modern standards.

Read this: https://www.biggerpockets.com/forums/51/topics/1164415-ne-re...Similar situation but related to real estate education costs before a new real estate investor purchased 1st investment property. 

@Bill B.and @Tylere Weaver, A lease with an option to purchase is a very good idea to give yourself the option to do the 1031 exchange later. 

We purchased our first duplex last year and we are currently house-hacking it.

Purchase price: $145,000 Negotiated 30k off of ask to increase clients margin on his first flip.