Conservative exits, tighter timelines, and being honest with yourself will keep you in the game.

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.

And you don’t need to be some flipping expert to get your first rental — you can do subject to, partnerships, house hacking, whatever gets you in the game.

I currently own a few long term rentals in Southern California so I am not a stranger to the real estate game, but definitely a stranger to the midwest market.

It’s great to see couples getting into the game together.

I think it's one of the best ways for people to get into the game.

Inexperienced operators are.A 30K to 70K house is not inherently unstable.What creates instability is an operator who• buys the wrong street• uses retail-level rehab assumptions• ignores the local payment culture• underwrites like a bank instead of an operator• or treats the price point like a shortcut instead of a disciplineWhen you know how to work in this range, the dynamics change completely.Payment consistency improves.Margins widen.Predictability goes up, not down.The price point is not the risk.The risk is not understanding the game being played at that price point.Most investors avoid moderate-price deals because they assume the volatility is baked in.What they miss is that the volatility often comes from the operator, not the asset.That is the part nobody talks about.And it is why the best opportunities are usually hiding in the places most people walk right past. 

So, if you are new: I was approached by an Investor who wanted to get into the game by learning Subject To.

I understand things aren’t always equal but if personal partner is going to become business partner I would want them to have some skin in the game.

Is it a cash flow friendly market or an appreciation game?