Just sharing my opinion but 1/1 STR's are limited on upside earnings potential because the ADR is capped.

Get a Heloc to remodel the dated home and convert the 3 car garage into an apartment to earn extra income/pay down the heloc.

They do the bare minimum to earn a fast buck.

You can listen to the herd, take your chances and make from losing money to a small amount, or you can keep your money in your pocket until you know what a sure-thing is and how to find the sure-thing where you can make 50% to 100% on your money, every year.For 5% annual return, or a $200 to $300 per month cash flow property where I have to invest $50,000+ with hundreds of hours of work to purchase and manage, I will be far ahead when keeping my money in my pocket and wipe tables at Mc Donalds since minimum wage in many areas is $15 per hour and I can earn an extra $400 to $600 per week, or $20,000 to $30,000 per year vs. earning $3600 per year on a whim that came with anxiety and will put me in an early grave. 

A pro is it’s easy banking and you file one LLC while they are all separate LLC’s as long as you can prove that the monies are earned by different properties.

On selling we lose any future earning on that particular property while refinancing we start gaining equity again to use all while having the asset pay for itself and using the equity and cash flow of it to scale!

The key was living on dramatically less than I earned over a multi year period.

@James MckinnonTeal estate already has tax advantages-I don’t usually turn rental income from passive to earned income because it is an automatic 15% self employment tax. in addition, you are talking about asset protection.

When you sell it, you don't earn as much ss MFH.  2nd, let's say you put 100k depsosit and borrow 250k for condo. 

They would have to be a true magician to earn that money.