So, not a very passive model long term IMO, especially compared to appreciating assets where the best model is generally buy and hold forever (or 1031 those gains on up) because you are rewarded and it is more economically feasible in the long term to take on the CapEx, though it is tougher in the beginning in these markets because prices are higher and cash flow is lower (but increasing with time).I'm not saying every market is like this, and I'm not saying that if the market is this way that you can't make any money ... 

Not to mention that you need to be able to survive your first 3-5 years before your likely to see a real income.

I am not planning to do STR in Denver, for my model I really only like having 30+ day stays.

I flew into panic mode.

It means the quality of the Rents and the Quality of the Value of the Investment.In other words, when there is upcoming danger, the Market has a flight to safety.That's why I only Invest in Quality Markets.... of which I consider Brooklyn to be one of them.I've survived very nicely over two decades.If vacancies go up in NYC in general goes up, if it goes from it's current vacancy level of 3%, a crash would bring it to say, 5% or 7%.I'll survive another one easily.

I might as well have balled up my spreadsheet and tossed it out the window.I survived the ordeal and still have those properties - they now perform wonderfully - but it if I hadn't had other resources to bail me out in the early stages I would have gone broke in the first year and lost them all.It's for those kinds of reasons that I feel strongly about having someone who can give you first hand knowledge.

They usually list who are the deceased's surviving relatives and heirs.

These are great for flipping, but the basic lifestyles model is buy/rehab/hold.

At that point, I'll go into cash preservation mode, and will start using loans.

But it would give you much more time to find all the other units you need to "survive".My personal retirement goal is 40 units.