The trap with the 2018-2023 period of time is, it was a perfect storm for the STR investment class.

The ESA letter must be signed, dated, valid for the entire period of the lease agreement, and on the official letterhead of the local health professional.

All of this should be done during your diligence period, with the ability to walk away and get your deposit back if the findings don’t make sense.As a new investor, it’s worth bringing in specialists to review the big-ticket items—HVAC, roof, electrical, plumbing—so you can get firm quotes on anything that needs to be replaced or is nearing the end of its useful life.

I haven't been able to respond this much in a short period of time. 

Cap rates have gone from 3.37% to 5.18% over the same time period.

SFH's settlement periods are often influenced by financing whereas commercial transactions may have lengthier diligence periods and other factors that influence settlement periods. 

.✔️ Treat this like a business acquisition, not a house hackUse SBA financing if appropriate.Budget for staff BEFORE you project revenue.Plan for a 6–12 month ramp period.

It also helps you react quickly while still keeping your contingencies in place.Regarding the tenant, keeping them in place for a short period can definitely reduce holding pressure but it’s important to weigh that against renovation timing.

Also, he expects to generate a 15% IRR, which definitely beats much of what you can get from the market over the same period without taking on a high amount of risk.

Also ask them what they did with the tenant's deposit-that should be used to offset some of those costs.They can cause a lot of damage in a short period of time, but what was the condition of the unit when you bought it?