The default rates on those that put little or nothing into the deal are astronomically higher than those that have skin in the game.

Best move: line up docs and an appraisal slot now so when a winner pops, you can write a confident close date and perform.

I am relatively new to the real estate game and have begun reading books by BiggerPockets such as Real Estate Investing and How to Manage Rental Properties so I am opened to new information anywhere it may present itself.I'm curious as to what I should look out for starting out as do aspire to gain more properties (currently, reading into the BRRRR method) and how should I utilize my current property to do this?

Stick to the game, you have learned a ton in this short time, and keep going!

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.

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.

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

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