Always good to have more capital-side perspectives in here.One thing I’ve seen consistently as portfolios scale is that deal structure and operational clarity matter just as much as the numbers.

Don’t over-index on deal evaluation from others.Good PMs and agents will really only do two things well pre-purchase:Give you a realistic rent rangeTell you whether the property condition fits their operating modelEverything else (returns, risk, structure) still needs to be yours.

When structured properly, rentals can become a powerful part of an overall tax and wealth strategy, not just a cash-flow play.

The leverage you have right now is documentation and structure.

If the income is strong and expenses are well documented, there are good options available including conventional multifamily, agency, portfolio, and in some cases DSCR structures depending on the situation. 

Question: When you were starting out or see other recent investors do, what mattered most in enabling you to grow beyond your first property - market choice, deal structure, financing relationships, or operations?

Lease Structure MattersStrongly recommend:Long initial term (7–10 years)Personal guarantees, especially if they’re a new practiceClear language on who owns improvements at lease endTriple-net or modified gross to avoid surprise expenses4.

Ask exactly what they want in terms of asset class, areas, price range, deal structure, etc.

That gives you a "structural repair" and paint covers the fill/patches better. 4.

I’ve seen a few ways investors work around this depending on lender and structure:• using short-term bridge / DSCR lenders that allow refi off current appraised value after 6–12 months (often with stricter reserves),• delaying the refi and keeping capital flexible via HELOC or other revolving credit,• or pairing auctions with off-market / MLS deals so not all capital is trapped behind seasoning rules.In practice, I’ve found the safest approach is exactly what you mentioned earlier — make sure the deal pencils conservatively before assuming a fast refi, especially in TX.Are you mainly targeting courthouse steps or online auctions, or open to mixing in non-auction SFHs as well?