If you go the flip route as a rookie, I’d strongly favor lighter cosmetic projects in liquid submarkets where you can exit quickly if needed.BRRR works best when you’re willing to hold and treat renting as a temporary phase, not something you’re trying to avoid altogether.Either way, conservative assumptions matter more than the strategy itself.

You’re in the right place to learn the basics.

I do question what your management agreement actually covers, because from your post it sounds like you both are doing basic PM tasks, even duplicating efforts to some extent.

Lighter value-add and cosmetic rehabs tend to be easier to underwrite and move in this environment, while heavier projects need more margin and tighter assumptions to make sense.

If you’re relying on appreciation, rent growth, no tax hikes, and no major repairs to make it work, that’s hope, not underwriting.Here’s the clean way to think about it:If it rents for only $200 to $300 over expenses best case, that’s razor thin after:• Vacancy• Maintenance• CapEx• Property management• Insurance increases in FloridaThat $200 cushion can disappear fast.Now ask yourself this:Would you buy this deal today at its current value and projected cash flow?

These resources are invaluable for sharing insights, discussing trends, and potentially collaborating on projects.

Once you get it permit-ready, you can get a construction loan, but construction loan lenders want to make sure you are qualified and can execute the project competently since construction has things go wrong a lot.  

A side-by-side after-tax projection usually makes the better choice clear.

Caution: When you can use the depreciation deduction depends basically on how you handle the Section 469 passive loss limitation stuff. 

Off-season can drag.MTR typically lands between LTR and STR in effective monthly income with higher occupancy and fewer turnovers.LTR is the most stable but often lowest monthly revenue for a 4-bed home unless the market is tight.You’ll want to run the numbers — do a pro forma comparing:STR projected revenue (using local comps + occupancy estimates)MTR projected revenue (30–90 day bookings)LTR rent comps in the neighborhoodWebsites like AirDNA, Mashvisor, and even local Zillow comps can help with that.4.