But to buy land just to add more units, for me is a pass.

However, I do have a lender that can conduct an entity transfer with a commercial loan from 2 units and up.

Hey DenisI have commented a lot about arbitrage in a general sense here, however I believe I am uniquely qualified to answer here as I live and operate about 65 units in this specific market.In 2016 I got my STR start arbitraging a Gulf Front mansion that was in foreclosure and I got a great deal on. 

Once renovations are complete, carefully screen tenants, set clear house rules, and consider furnishing the units with utilities included to attract reliable renters.

We also live in a reasonably low cost of living area compared to the rest of the nation where the home prices we are looking at for rentals are between $200K and $250K. 

Some of the national data sites have pricing suggestions that run both high and low.

I agree with John 20 to 30 units is pretty straightforward. 

Converting an unfinished basement into a third unit can definitely add value, especially here in Chicago.

Single family, 2-4 unit? 

I’m targeting assets between 25-100 units located in high-growth markets that exhibit strong fundamentals.