Be wary of hard money loans; they can be pricey, often around 12% interest for newer, which can quickly eat into your profits and also require a high down payment.

Purchase price: $178,000 Cash invested: $2,500 We knew we'd be in the area for at least four years, so we bought this property that has a lot of room for improvement to gain appreciation instead of sinking money into high rents.

Do any of you work with a property manager that you highly recommend?

Good management and fresh clean apartments bring top of the market rent to a re-emerging work force ready to serve the warehouse industry in a once great industrial railroad city. 

Then, is your STR in a high-tourist area? 

I will suggest a conventional loan or an fha both to be owner-occupied - I will stay away from DRSC and commercial loans at this time due to the high rates.

The W-7 form may look easy to complete, but we highly recommend finding a certified agent to handle it.

Factors such as rising interest rates and an influx of new apartment units have contributed to challenging conditions.

@Jay Samudio great advice from @Melanie P.Also, in our 24 years of experience, a tenant that has to get emergency relief typically ends up behind on rent again very soon.Be sure the tenant cooperates with providing documentation explaining why they fell behind and that the problem is highly unlikely to repeat.If they won't cooperate and state, "none of your business', then what does that tell you?

If you ever want to connect or be a part of our meetup (free online and remote options) on RE investing, let me know!