Non-owner-occupied STRs are prohibited in residential zones (R, RS, and RM) and only permitted in multi-family, mixed-use, or commercial areas, which means you cannot legally operate an investor-owned STR in most desirable residential neighborhoods where the highest revenue potential exists.

Even though the neighbor’s complaints weren’t legally valid, dealing with the potential for litigation taught me to always evaluate water flow... so much so, no houses at the bottom of hills for me... no desire to try and defy gravity/ask water to go another direction (you can only ask).

Buy desirable properties in desirable areas that are growing in population and wait.

I have no desire to be part of any lawsuit or liquidation event.

@Brandon Garcia depends on the value of your time / desire for ongoing advisor but I would say 3+ would be when to shift. 

I have no desire to be a "gator", be in the paid "SubTo" group, or anything in relation to.

Either option is valid just depends on your long term goals.Happy to chat about it more if desired as I am both a mortgage broker and investment Realtor in AZ!

the location was not as desirable as we expected. the market stayed soft and construction is really expensive right now. learned to be way more conservative with rehab and arv numbers. also not to budge on negotiations. dont stretch.

The home prices are high as expected, but the listed rents are very low -- $1100-1200 -- even in desirable areas like Uptown and South Mpls.

The impact is more pronounced for larger homes such as yours (you have a beautiful property in a highly desirable location).