@William Coet it’s a different business model altogether.I love highly desirable areas that attract highly skilled high income college educated workforces.They tend to be more liberal and therefore the landlord tenant laws.The percent of their income that goes to rent is typically much less than 20% so a rental increase of 5-10% is nothing to them.They are typically lower cap rate areas and therefore every dollar of net operating income that is earned is explosive to the underlying asset value.

Bigger Pockets is a great place for education and networking and is full of great content.I recommend that you check out the following resources:1.

Bigger Pockets is a great place for education and networking and is full of great content.I recommend that you check out the following resources:1.

As I run my STR mgmt business, I figured I'd simplify and share my company's comprehensive list of daily tasks that we believe deliver the best results:1.

As Nate said, one of your options is to take over the property completely.Another option is to educate your partner.

You won't have to pay tax and recapture of depreciation.But still, for cashout refi you still have to pay interest to take out the proceeds and also pay closing costs.Can anyone educate me if I am getting this wrong?

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

@Jaysin Anderson I would also suggest you reach out to @Ricardo Matos; he is an educator, investor, and friend of mine here in Portugal who will have some good insight regarding BRRR here. 

Though, it's been a far better education than any book or course on real estate.  

They are proud of what they have survived and they are committed to their children's education.