The beauty of this way of building wealth is that it really doesn't matter where you do it.

Quote from @Chase Calhoun: ...They were thoughtfully furnished, nice setups, and they actually performed well early on.

An in-house team allows us to work on a rolling backlog of non-emergency repairs such as seasonal work while responding to tenant requests and performing yearly inspections, which helps us get ahead of potential issues and keep an eye on the condition of each property. 

Know What You Can DeductIf your Airbnb is classified as an active business, you can deduct almost every ordinary and necessary expense tied to running it.Here’s a quick list of deductions most hosts miss:Cleaning, supplies, and guest amenities Repairs and maintenance Property management feesUtilities, Wi-Fi, and streaming subscriptionsAdvertising, software, and booking platform feesTravel to and from your property (yes, mileage counts)Home security systems and smart devicesProfessional fees — CPA, attorney, consultingDepreciation on the building and furnishingsPro tip: If purchased after January 19, 2025, you can take advantage of the return of 100% bonus depreciation under the One Big Beautiful Bill.

Quick next step: pick one niche performing, reperforming, or non‑performing, underwrite three real notes, and sanity‑check exits hold for yield vs. take back collateral.

Maybe try it out for a few months and see how it performs?

Start small with new counterparts, perform, then scale.

Quote from @Elealeh Fulmaran: Treat networking like deal flow: show up with a clear buy box, recent comps you’ve worked, and proof you can perform, then ask seasoned investors what they’re buying right now and why.

I looked at York 20 years ago, beautiful old properties were so inexpensive and with what felt like great potential but too far in the future for my  needs at the time.

The private investors he mentioned will lose their invested capital, but chances are pretty good most of them already received more cash than they put in.If this goes on the block, will you have your own syndication lined up to take it over and turn it into a performing property with more conscientious management?