Scope of improvements included:Full interior updates: new flooring, interior paint, lighting, granite countertops, and updated appliancesAddition of high-demand short-term rental amenities: game rooms, custom bunk beds, hot tubs, swimming pools, and putting greensProfessional interior design and full furnishing to optimize guest experience and nightly ratesThese improvements were executed with the objective of maximizing long-term performance, increasing appraised value, and creating differentiated offerings within the Hot Springs vacation rental market.Refinance & Financial PerformanceUpon completion of renovations, we partnered with a local commercial lender to refinance the portfolio.Combined appraised value (ARV): $2,601,000Approved loan amount: $2,200,000 (cash-out refinance)After retiring the hard money loan, the transaction resulted in a net cash return of $300,470.51, which represents $118,181.09 more than our original down payment—effectively removing all invested capital from the project.TimelineThe full cycle—from acquisition through renovation and refinance—was completed in 174 days.OutcomeThe result is a portfolio of three fully renovated, amenity-rich lakefront properties, each now positioned to perform as premium short-term rentals with strong long-term appreciation potential.

This depends on two things:• Your comfort level with higher prices vs higher cash flowCalifornia = safer appreciation, tighter cash flowOut-of-state = better cash flow, but you rely on property management• Whether you care more about living in the property vs optimizing cash flowSince you plan to live in one unit, California may still work, especially for duplexes.If numbers don’t work locally, out-of-state is a strong option for rental units while you stay put in California.4.

Learning, making money, increasing your savings rate - optimizing your $ & putting it in places that'll somewhat stay the same/make $ (HYSA, Treasuries). 

Due to increased leverage, the ROI on this is likely to be superior to option 1.  3) recognize it is not an optimal time for brrrr and look at other strategies.  

In NH/NE, having a solid RE attorney who understands entity structuring and estate planning will be a huge asset — a lot of investors here recommend asking your CPA for referrals since they often work closely with attorneys.As for pivoting with purpose, many investors in your shoes start by clarifying whether they want to optimize for cash flow, appreciation, or lifestyle flexibility — that decision usually shapes whether they lean toward multifamily, short-term rentals, or commercial.

It makes sense though: if the turnkey operator’s margins are getting squeezed, the investor’s probably getting the “optimized” version of the deal, not the real one.I really like your point about the 2-1 buydowns too — looks great in the marketing, but year 3 shows up like, “Surprise, here’s your real payment,” and rent didn’t get the memo.I’ll definitely keep digging into actual leases, rent rolls, PM agreements, and not just the glossy pro forma.

Over 10 years, I’ve written more than 750 articles, all SEO-optimized but focused on helping, not selling.

Flipping will humble you or it will reward you and it all depends on whether you show up with optimism… or with actual capital.Good luck out there and if anyone needs any guidance just shoot me a message!

- the right location, the right size, the correct calendars strategy, listing optimization, amenities, booking speed, network connections, direct booking capabilities and more! 

As for adding an S Corp, it could make sense if you're looking to optimize taxes, especially if you plan to pay yourself a salary from the LLC and take advantage of pass-through taxation.