These are the small practical challenges that I find making prop mgmt really difficult for us to operationalize.

It is difficult to know what to do in the beginning. 

House hacking is difficult but not impossible in the Phoenix area.

Building is incredibly difficult and expensive.

Eventually, Class A property values increased to the point that even increasing rents didn't allow them to cashflow upon purchase.So, the flood of new investors switched to buying Class B properties.

I don't feel that having an extra apartment or two in the same building meaningfully increases the difficulty level or risk. 

Even for an experienced investor it is difficult and cumbersome to self-manage from afar. you may want to look at switching PM's but there is usually a fee to break your agreement with your current PMC.

It was incredibly lucrative at first, but as many of you know, the Chicago short-term rental market became hyper-competitive, and the local ordinances made the "traditional" Airbnb model much more difficult to manage.That’s when I pivoted to Mid-Term Rentals, and I haven't looked back.

The median $/SF has remained in a tight band of $1.16/SF and $1.20/SF for the past 13 months.Rentals - Availability by MonthThe number of homes for rent continues to decrease MoM, which is unusual for the time of year (it usually rises during the fall).Rentals - Median Time to RentMedian days to rent increased moderately MoM, conforming to the seasonal trend.Rentals - Months of SupplyRental inventory increased MoM, now at almost 1.8 months, still a landlord’s market.Sales - Months of SupplySales inventory has remained in a tight band around 2.5 months for the last several months, indicating a consistent seller’s market.Sales - Median $/SF by MonthPrices were basically flat MoM, a bit unusual for the time of year (it usually drops in the fall).Why invest in Las Vegas?

So, if home sales increase mid 2026 we can expect that rental inventory will decrease 8 - 12 months later, shrinking inventory, and raising prices.I believe that for SFH sales we are at or very close to the bottom in regard to pricing.