Keep it simple for deal one: pick one lane (long‑term rental or a light BRRRR) and set a tight buy box so you’re not chasing everything; then confirm rents and expenses with a local PM before you offer.Which market are you leaning toward and what’s your first buy box (property type, price range, target rent)?

Think clean lines, wood slat accents, luxury lighting, warm interiors, smart-home features, and landscaping that makes the community feel high-end.We’re looking at modular because of the advantages that traditional construction just can’t compete with right now:60–100 day deliverypredictable pricinglower cost basishigh-end finish qualityphased build-out (instead of waiting 12–18 months)fast lease-up / quick ROIWe’re considering 1BR, 2BR, and a few 3BR units.

Struggles to shower, that right there is the yellow light right. 

I underwrite to be all-in at or under about 70–75% of conservative ARV, expect to leave a small chunk if the appraisal or DSCR comes in light, and only proceed if the cash flow still pencils after the refi.

If house hacking is off the table, the two paths I see work most often are:partnering with someone who has capital but needs hustle, ortaking on value-add projects where sweat equity creates the spread (small BRRRRs or light flips).If I were starting over, I’d focus on learning how to find and evaluate deals.

Hello Ramsey, There ae a few things to consider with condos especially in a flood zone.

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.

For a first rental, starting with a turnkey or light rehab property makes sense so you can get comfortable with management without taking on too much risk, and the city is very landlord-friendly compared to many other metros.

Better to put up motion lights even at side of house as that puts a spotlight on the people trying to steel your equipment.

Focus on mismanaged 6–20 units where you can bump income with leases, utilities, and light turns, not heavy rehabs.