Quote from @Dawn Harris: We have a STR managed by a property management company.

I would say they are a good company to go with. 

Went on to purchase additional rentals so tenants can pay down the loan and I build equity How did you find this deal and how did you negotiate it?

However, the average lifespan of companies is 10 to 18 years, so every private-sector job your tenants have will eventually disappear.

It’s a good reminder for landlords to stay adaptable and ready to respond to changes in rental demand.As an experienced loan officer in Georgia, I’m happy to help both buyers and sellers navigate this competitive market.

Conventional loan with a 20% down payment.

Successful flippers are:- Building relationships with reliable contractors- Ordering materials well in advance- Being strategic about which renovations will truly deliver ROI Regulatory EnvironmentRecent changes to Phoenix building codes have emphasized:- Stricter energy efficiency requirements- More rigorous inspection processes- Additional permits for certain types of renovationsBe prepared for longer permitting timelines than in years past.Financial ConsiderationsThe financing landscape has evolved significantly:- Hard money lenders are offering more competitive rates (7-9%) than the 12-14% seen in 2022- Several Phoenix-specific investment groups have emerged that pool resources for flips- Traditional lenders now offer more renovation loan products tailored specifically to the Arizona marketThe Bottom LineThe Phoenix market in 2025 offers solid opportunity for house flippers who approach projects strategically.

Also seems like a lot of MF sells occupied with tenants in place so you just have to comfortable with that and contracting up from and seeing inside after contracting.    1st step is to find a great lender and get pre-approved for a loan so you know what your budget is. 

You could also use a Fannie May Home style renovation loan which a conventional loan and require 5% down vs.

This year I may see if if I can get a construction loan to build 20-30 apartments, then refinance with an asset based lender. what markets?