I’m considering a blended strategy of vacation STRs and LTRs to balance cash flow, tax efficiency, and long-term growth, and I’d love feedback from those with experience.High-level approach: • STRs in high-demand leisure markets for stronger cash flow, tax benefits, and lifestyle benefits • LTRs in stable, affordable markets for predictable income and financing stability • Moderate leverage using conventional financing • Self-manage initially to learn the business, then transition to professional help • Use LLCs, depreciation strategies, and long-term portfolio optimizationQuestions: • Does this STR + LTR blend make sense for a physician pursuing financial independence?

It’s how we deliver a 4.9+ average rating across all of our homes.We initially tested Fairly on my personal portfolio, which includes a wide range of properties.

This way when something pops the initial analysis becomes easier.

After some initial research, it seems a lot of the available properties in Chicago (where I live) are out of my budget, so I am leaning towards investing out-of-state with the leading contender being the Metro-Detroit area, as this is where I grew up.If anyone has any tips on getting started in real estate investing, I would love to hear them.

For the numbers to make sense in Joshua Tree often requires a higher initial investment in amenities (think hot tubs, outdoor fire pits, and professional photography).

If the property was breaking even under the initial estimate of $3,500 per year in taxes, it should not suddenly be $1,000 per month negative simply because the actual tax bill is $6,500 per year more, or roughly $540 per month.

Thanks to the red hot housing market, I was able to take out $250k, $50k more than the initial $200k that I invested into the San Jose ADU project. 

How renters typically behave (all else equal)Larger two-story, zero lot line (4/3.5, no yard)Attracts:Roommate groupsLarger families prioritizing bedrooms over outdoor spaceShorter-to-mid-term rentersRenters trading space for affordability vs luxury apartmentsTrade-offs:Higher wear and tear (stairs, bathrooms, shared living areas)More noise complaints between floorsMore turnover when household composition changesLess emotional attachment to the propertyThis layout rents fast, but it often turns more.Smaller single-story with a small yard (3/2)Attracts:Families with kidsOlder rentersPet ownersLong-term, stability-focused tenantsAdvantages:Single-story living is universally preferred long termYard creates emotional stickiness, even if it’s smallFewer maintenance issues tied to stairs and vertical plumbingLower churn and longer average tenancyThese don’t always rent faster, but they rent longer.What usually performs better as a rentalAcross most suburban and secondary markets:Single-story homes outperform on retentionTwo-story homes outperform on initial rent per square footIf your goal is:Maximum rent today → two-storyLower headaches + longer stays → single-storyVacancy and turnover costs quietly erase a lot of the extra rent from larger homes over time.One important wildcard: HOA and community designZero lot line homes almost always come with:HOA rulesRental capsTenant restrictionsLimited exterior controlThat adds operational risk you don’t fully control.A small private yard, even low maintenance, gives you:More controlFewer compliance issuesBetter tenant satisfactionIf I had to choose one property to hold long term as a rental, with everything else equal:Single-story 3/2 with a small yard wins more often than not.It produces:Longer tenanciesFewer headachesMore predictable performanceThe larger two-story works fine, but it behaves more like a “high-usage asset” than a durable one.

I could purchase property at fair market value (no discount), and if the property was in good shape, in an appreciating, growing area (especially a GENTRIFYING area), and could be rented out initially for a break even or positive cash flow, I usually did very well thru appreciation, rental rate increases, tax benefits, and loan amortization. 

On another topic, the price action of ETH in the last hour of trading seems to be present a narrative of liquidation than stabilization for the entire session.