Lauren,Thanks for the great networking suggestion. 

I don't believe a standard rental policy is adequate, but your provider can provide better info.I would suggest following the laws in your area and asking your insurance company what they require for your home/property to be covered by their insurance.

In reviewing our 2023 production at least 1/4 of all our STR (particularly luxury STR) and multi family sales were the result of 1031X transactions in which the seller sold a like kind property towards a high cash flow vacation rental. 

@Scott Trench I am currently raising on a 506(c) 120-unit multifamily acquisition set to close within a matter of weeks once Freddie Mac completes the review of our low interest rate debt assumption. 

Do you have any suggestions?

As a first-time investor, I suggest looking for turnkey rentals in high cash-flowing states (mainly the Midwest).

I'm open to suggestions and will follow this topic to see what more anyone has to say!

We have already reviewed most of these but there is a new kid on the block, tax depreciation:Cash flow + rent increases over timeNatural appreciationPrinciple pay down of mortgage + increases over timeForced appreciation through a renovationTax benefits to renting-out a home: tax depreciation (you get to deduct 3.6% every year of the value of the home structure, for 27.5 years!)

I suggest building as much capital as possible, starting out and expanding your options that way.

thanks,Pat I'm a bit late to the party here so my apologies.Had a great call with @Drew Sygit about a similar topic.Wealth of knowledge from Drew and if you are still looking at starting a PM business, highly recommend you connect with him if he is available 😁100% agreed with @Nathan GesnerWe started PM in Toledo as a subsidiary to our turnkey outfit.Took us 5+ years to figure S#@% out lolSo definitely start "1 by 1" unit per se and grow organically.We are at a point just now where we are looking to scale via M&A.And that is only because I feel that we have reached our peak when it comes to generating organic leads.We get regular lead form opt ins and calls to our office.Literarily "monopolized" Google with SEO and our good reviews so there isn't much else to do IMO.Only issue I see is we aren't looking at expanding out of city and will stick with Toledo for now.Which will limit us in terms of expansion.Much success and all the bet with your business